Jordan Islamic Bank (JIB), a subsidiary of Bahrain-based Al Baraka Banking Group, posted a net profit of $14.71 million for the first quarter as against $14.68 million during the same period last year.

Al Baraka Banking Group president and chief executive and JIB chairman Adnan Yousif said the board approved the financial statements during its meeting in Amman.

The results are a reflection of JIB's ability to continue to grow due to its solid financial position, its assets quality and the policy the bank adopts in the light of the continual political, economic and financial turmoil in the region and the world and their implications on business, he added.

"The bank's assets with managed accounts added to restricted investment accounts and Muqarada bonds reached about $5.079 billion during the quarter of the current year compared with $4.968bn at the end of last year," stated JIB vice-chairman and general manager Musa Abdelaziz Shihadeh.

Clients' deposits including restricted investments and Muqarada bonds reached $4.581bn compared with about $4.500bn earlier.

Facilities and investments including restricted investments and Muqarada bonds were $3.565 billion during the first quarter of the current year compared to $3.519 billion at the end of last year.

Shihadeh said the bank enhanced its capital base by increasing its paid capital from $176.31 million per share to $211.57 million per share by distributing 20 per cent as free shares to shareholders in compliance with the decision of the Extraordinary General Assembly.

This was in addition to distributing cash dividends to shareholders at 15 per cent for 2013.

Shihadeh added that the bank will successfully continue its strategy of aiming to achieve growth in all fields and face challenges.-TradeArabia News Service