Jordan Islamic Bank posts 28.9 drop in H1 profit

Jordan Islamic Bank posts 28.9 drop in H1 profit

But assets rise, according to balance sheet.

July 29, 2010 2:09 by Reuters

Net profits at Jordan Islamic Bank, the country’s largest Islamic lender, dropped 28.9 pct to 14.68 million dinars ($20.7 million), the bank’s financial statements showed on Thursday.

The balance sheet obtained by Reuters also showed second-quarter net profits fell to 7.628 million dinars from 12.57 million dinars posted a year earlier.

Net income in the first half of the year was 34.5 million dinars against 37.272 million dinars in the same period last year, the statement showed.

The Islamic lender’s total assets rose to 2.34 billion dinars ($3.3 billion) at the end of June 2010 from 2.183 billion dinars at the end of last year, with more depositors seeking a safe haven in Islamic banks perceived as less affected by the financial crisis. ($1 = 0.709 dinar)
(Writing by Suleiman al-Khalidi, editing by Will Waterman)