Annual Report 2011 - Jordan Investment and Finance bank

12TheChairman of Board StatementBest Competitive EdgeThis comes amid an ongoing restructuring process to meet the bestperformance and achievement criteria, in line with the bank’s overallstrategy, which yielded the corporate identity and produced new branches andadvanced services. Among the other results the focus on compliance risks,enhancing good governance, financing medium-sized companies and offeringspecial banking services and investment banking, in addition to expansion inthe specialized financial subsidiaries like Al Mawared for Brokerage. The newstrategy also focused on the supply (chain finance) and financial lease. Thebank continued concentrating on developing the various services, with focuson e-services to create the best competitive edge.Modern LeadershipBecause Investbank is on a non-stop mission to develop all factors of growthand modernization and as part of its policy to recruit the best qualified cadresin the banking industry that are able to bring about added value, Mr. MuntaserDawas was appointed as the new general manager. He enjoys the bankingexperience and the right personality to add to the success of the bank and helpit improve its result to meet your expectations.Investbank will always a model of balanced banking performance becauseexperience, knowledge, skills and a high sense of responsibility have takenroots in this bank despite time changes. It will adhere to the rules set byfounders as cornerstones of success, on which loyal shareholders built, asthey believed in the message of the bank and supported its march towardsachievement.Dear Shareholders,It is a pleasure to present you the 29th annual report including key achievementsand activities in 2011, in addition to financial statements and auditors’ reportfor the year ending on December 31, 2011, outlining the performance of thebank in this exceptional banking year.Financial AchievementsThe bank achieved in 2011 net profits amounting to JD9.596 million, comparedwith JD10.887 million in 2010. Profits before taxes stood at JD13.650 million,with tax deduction of JD4.054 million. As always, the profits made reflect theefforts of the bank, despite the impact of the surrounding conditions and thegeneral economic performance. Efforts are being exerted to increase profitsso as to enhance solvency and raise capital. Profits were distributed as shownin the table below.Statement/DataTax DeductionLegal Reserves 10%General Banking Risks ReservesRetained EarningsTotalTo nearest million dinars201120104.0544.9821.3781.615(0.031)0.3528.2498.92013.650 15.86913Chairman LetterChairmanBisher Mohammad JardanehTotal IncomeThe bank’s total income for the year 2011 stood at JD36.492 million, withan increase of 4.6% when 2010 reached JD34.889 million. Net interests andcommissions earnings constituted 80% of the total income for the year 2011.