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A New Step
Forward
2005-2006 |
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JCBank continued the efforts
of upgrading and transforming all aspects of
operation, promoting its image, and
institutionalizing the decision-making
processes. During 2006 the bank successfully
took its core business to the next level by
broadening products and reaching a balance
between optimizing profitability, managing risk
and maintaining liquidity. These achievements
were accompanied by enhanced quality, improved
services and increased efficiency. |
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Highlights of financial results 2006: |
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Total assets reached JOD
513.2 million at the end of 2006, marking a
41.3% increase over 2005, when total assets
reached JOD 363.1 million. This growth rate
is believed to be the highest for 2006 among
banks operating in Jordan.
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Shareholders' equity
continued to grow through capitalization of
profits and increase in reserves. The bank’s
equity grew by 12.9% to reach JOD 75.5
million at the end of 2006 from JOD 66,8
million in the previous year.
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Customer deposits grew by
42% during 2006 to reach JOD 341.6 million,
compared to JOD 240.7 million at the end of
2005. This rate of increase in customer
deposits is considered the highest in the
sector and the achievement was due to the
implementation of innovative marketing
strategies and the introduction of unique
products.
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The bank consistently
contributed to the development of the
national economy by responding to the
financing needs of small, medium and large
companies operating in the country. JCBank
positioned itself in the corporate and
retail markets by offering timely banking
products. Consequently, the bank topped the
sector’s average growth rate of 26.1%,
growing by 37.8%. Total booked loans and
credit facilities increased by JOD74.8
million at the end 2006 reaching JOD 272.5.
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Operating revenues,
excluding income from tradable and available
for sale securities, grew by 53.6% to reach
JOD 24.1 million at the end of 2006,
compared to JOD 15.7 million at the end of
2005. Growth resulted from a significant
increase in core business revenues.
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The bank recorded a JOD
10.7 million net profit after tax. Overall,
net profit after tax experienced a slight
decline at the end of 2006 relative to 2005
as a result of the weak ASE market
performance. Nonetheless, the bank generated
JOD 13 million from operating core business
during 2006, compared to JOD 0.915 million
during 2005.
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