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Bank of Jordan nets $64m in annual profits

Bank of Jordan nets $64m in annual profits

AMMAN:  Bank of Jordan announced its annual profits for 2017 reached JD 46 million (USD 64 million), an increase o %13 compared the previous year, bank officials said today.

Total revenues reached about JD 127 million (USD 179) due to expansion in projects and improved investment climate, said bank officials.

The revenues have jumped by nine percent compared to the previous year, said Shaker Fakhouri, general manager of the Amman based bank, one of the three largest banks in the kingdom.

He said recent policies of the bank to focus on funding selected businesses have contributed to the positive results.

The financial sector has been struggling in Jordan due to departure of major investors to more tax friendly countries, but the government has said it will carry out measures to assure investors of bright future, particularly related to investment security and income tax.