Chairman Al-Salem lauds King Abdullah II’s efforts in strengthening the national economy and advancing the investment landscape

Capital Bank Group announced its annual financial results for 2024, marking a record 50% growth in net profits, which surged to JOD 160 million from JOD 106 million in 2023. This remarkable performance is driven by the strong growth of the group’s core business.

Chairman of Capital Bank Group, Basem Khalil Al Salem, expressed his pride and appreciation for the financial results achieved, attributing them to the wise leadership and directives of His Majesty King Abdullah II, which have strengthened Jordan’s stability and supported its economy.

Al Salem praised His Majesty’s forward-looking vision for enhancing Jordan’s economic position and empowering private sector institutions to drive growth and create more job opportunities. He also extended his gratitude to the Central Bank of Jordan for its pioneering role in maintaining banking sector stability and reinforcing its strength through prudent monetary policies and effective regulatory measures.

Al Salem further emphasized that the strong results reflect the success of the group’s strategy in expanding its business and strengthening its position in the local and regional banking market, despite the geopolitical and economic challenges facing the region, noting that the group’s total assets grew by 8.5% at the end of last year, reaching JOD 8.2 billion.

He also highlighted that customer deposits increased by 8%, reaching JOD 5.9 billion compared to JOD 5.5 billion at the end of 2023, while credit facilities granted to customers remained stable at JOD 3.4 billion at the end of 2024.

Addressing the performance of the National Bank of Iraq (NBI), a subsidiary of the group, Al Salem highlighted the bank’s remarkable growth across all financial indicators, attributing its success to an effective expansion strategy in the Iraqi market. He emphasized that this strategy has played a key role in achieving strong results. Al Salem noted that NBI increased its capital to 400 billion Iraqi dinars (IQD) — equivalent to USD 300 million — and remains committed to further strengthening its capital base by capitalizing retained earnings. This approach reflects the bank’s dedication to solidifying its market position and contributing to the country’s economic growth.

Al-Salem announced that, following the approval of the 2024 financial statements, the group’s Board of Directors has recommended a cash dividend distribution to shareholders at a rate of 15%, noting that the financial statements and dividend distributions are subject to the approval of the Central Bank of Jordan.

Meanwhile, CEO of Capital Bank, Tamer Ghazaleh, expressed pride in the bank’s outstanding financial performance, stating, “Our results in 2024 reaffirm our commitment to building a strong, agile financial group that competes effectively in both local and regional markets. This success is driven by our ambitious strategy focusing on expanding our customer base, diversifying income sources, improving operational efficiency, and investing in cutting-edge technology.”

Ghazaleh attributed the group’s continued growth to its solid operational performance, effective risk management, adherence to responsible banking practices, and strong financial solvency. He noted that the group successfully reduced its cost of risk ratio to 1.2%, enhancing asset quality and lowering provisions compared to the previous year.

According to Ghazaleh, net operating income grew by 17% to JOD 247 million, up from JOD 212 million in 2023. Additionally, net shareholders' equity increased by 10%, reaching JOD 724.6 million compared to JOD 657.6 million in 2023. This increase reflects improved returns and enhanced investment value for shareholders while ensuring high profit margins and sustainable growth.

Ghazaleh further highlighted that Capital Bank has begun implementing artificial intelligence solutions to enhance banking services, improve customer experience, and drive greater operational efficiency. This initiative aligns with the bank’s digital transformation strategy and commitment to investing in cutting-edge banking technologies to provide secure and advanced financial services.

Notably, in 2024, Moody’s upgraded Capital Bank’s long-term rating from B1 to Ba3, underscoring its strength and resilience as one of Jordan’s most reliable financial institutions. The bank also received several prestigious industry awards, including “Best Digital Bank in Jordan” from Euromoney Magazine, “Best Mobile Banking App in Jordan” from International Business Magazine, and “Best Cash Management Bank in Jordan for 2024” from The Digital Banker. These accolades recognize the bank’s pioneering role in customer service excellence and innovation in digital banking solutions.