Al-Salem: The board recommends distributing a 15% cash dividend to shareholders for the year 2023

Al-Aloul: The excellent financial results reflect our commitment to building a strong and flexible financial group with highly competitive capabilities

Capital Bank Group released its financial results for the fiscal year ending on December 31, 2023, reporting a significant 17% increase in net profits after tax that reached JOD 106.6 million. This growth was fueled by a comprehensive strategic plan that revolved around digital transformation, improved customer experiences, and sustainable growth.

Bassem Khalil Al-Salem, Chairman of Capital Bank Group, emphasized that these outstanding results underscore the group's financial strength and meticulous strategic planning. The group's assets, he noted, increased by 9.1% at the end of 2023, reaching JOD 7.6 billion, compared to JOD 7 billion at the end of 2022, further reflecting the growth in the group's banking activities and enhancing its market share.

Al-Salem also stated that the Group’s total customers’ deposits rose by 12.2% to JOD 5.5 billion, up from JOD 4.9 billion, while net credit facilities increased by 5%, from JOD 3.2 billion in 2022 to JOD 3.4 billion at the end of 2023.

Al-Salem announced that the board of directors has recommended a cash dividend of 15% to shareholders for the year 2023, pending the approval of the Central Bank of Jordan.

“We are proud of the outstanding financial performance in 2023, which reflects our commitment to building a strong and flexible financial group distinguished by its highly competitive capacities on a regional level,” commented Samer Al-Aloul, Acting CEO of Capital Bank Group, noting that group’s strategic approach to sustainable growth has been instrumental in achieving robust operational performance, enhancing risk management capabilities, and maintaining a dedication to responsible banking practices.

Al-Aloul also stated that the group's net revenues increased by 64.7% year-on-year, from JOD 210.6 million to JOD 346.9 million by year-end 2023. The group also increased provisions for expected credit losses, from JOD 28 million in 2022 to JOD 73 million at year-end 2023, aligning with a prudent credit and sustainable growth policy that hedges against economic fluctuations.

Moreover, net equity attributable to the group's shareholders grew to JOD 659 million by the end of 2023, compared to JOD 617 million in 2022, positively impacting the regulatory capital adequacy ratio, which exceeded 15% — higher than the required limit set by the regulatory authority.

Ayman Abu Dhaim, CEO of the National Bank of Iraq (NBI), said that the bank had achieved exceptional financial results that saw total assets grow by approximately 65% to reach JOD 2.2 billion at the end of 2023. The net credit facilities portfolio, meanwhile, rose by 38% to reach JOD 709 million, with growth primarily centered within the retail sector, while customer deposits also grew by 90% to reach JOD 1.6 billion by the end of 2023. The total volume of export letters of credit reached USD 660 million during the year, aided by the expansion of NBI’s network of correspondent banks to 30 worldwide.

Abu Dhaim added that the bank has a growing customer base of around 210,000 clients, served by over 1,000 employees, 27 branches, and 190 ATMs. Moreover, the bank has successfully domiciled the salaries of more than 175,000 government employees.