Al-Salem: Strong financial performance reflects ambitious strategic vision and effective resource management

Capital Bank Group has solidified its robust financial position by achieving strong financial results during the first nine months of 2024. The group recorded a significant increase in net profits, demonstrating the effectiveness of its strategy and resilience amidst challenging economic conditions.

According to the latest financial statement, the group’s net profits from regular operations reached nearly JOD 110 million by the end of September, marking a 34% growth compared to JOD 82 million for the same period in the previous year. Furthermore, the group saw a 23% increase in gross income, reaching nearly JOD 302 million, up from JOD 245 million for the corresponding period last year.

Net credit facilities grew by 4%, totalling JOD 3.6 billion at the end of the third quarter, up from JOD 3.4 billion at the end of last year. Additionally, net interest income surged by 25%, reaching JOD 159.3 million by the end of September, compared to JOD 127.6 million during the same period last year.

“The outstanding performance achieved by the group during the first nine months of this year reflects our success in executing our well-thought-out strategies, which focus on enhancing financial sustainability and expanding regionally,” commented Bassem Khalil Al-Salem, Chairman of Capital Bank Group. “We have taken deliberate steps towards diversifying our customer base and providing innovative solutions in the banking sector.”

Al-Salem credited these positive outcomes to the integration policy between Capital Bank and its subsidiaries, which operate in key Arab markets including Saudi Arabia, Iraq, and the United Arab Emirates. He noted the significant growth of the National Bank of Iraq, now one of the leading private banks in the Iraqi market, distinguished by its strong customer relationships.

Tamer Ghazaleh, CEO of Capital Bank, said: “Our results this year have demonstrated that our focus on innovation and operational flexibility is crucial for achieving sustainable growth, in addition to continuing our conservative approach to managing potential risks.”

Ghazaleh further stated that the group’s total assets increased by 9% by the end of September to JOD 8.3 billion, compared to JOD 7.6 billion at the end of last year, supported by an 8.7% growth in deposits, reaching JOD 5.9 billion in the first nine months compared to JOD 5.5 billion at the end of 2023.

“We have invested in enhancing our financial technologies and providing advanced digital services, which has significantly improved customer experience and expanded our user base. Our strategy extends beyond financial performance; we aim to create a more inclusive and sustainable banking environment. We will continue to strengthen our regional presence and invest more in innovation and technology to exceed our customers’ expectations,” added Ghazaleh.

Ayman Abu Dhaim, CEO of the National Bank of Iraq, remarked: “The bank has seen growth across all financial indicators, supported by an increase in our customer base, heightened customer trust, and our capacity to meet the needs of individual and corporate customers. Total credit facilities reached JOD 923 million by the end of September, while customer deposits hit JOD 1.9 billion at the end of the third quarter.”

It is notable that in 2024, Moody’s upgraded Capital Bank’s long-term rating from B1 to Ba3, reflecting the strength and resilience of Capital Bank’s financial position as one of the leading banks in Jordan. The bank also received accolades for its digital services, including the “Best Digital Bank” award in Jordan from Euromoney Magazine, the “Best Mobile Banking App in Jordan” from International Business Magazine, and the “Best Cash Management Bank in Jordan for 2024” from The Digital Banker, acknowledging its role in emphasizing customer service and innovation in digital banking.