According to the bank’s statement, this increase is mainly attributed to a growth in financing sources, particularly customer deposits, which increased by JD313 million, or 24%, while the bank’s lending portfolio increased by JD333 million, or 31%. Net profit amounted to JD20.1 million, with total profits after taxes reaching JD22.6 million compared to the same period of 2019, a decrease of 11%, due to Capital Bank’s hedging strategy due to the coronavirus pandemic.

Commenting on the bank’s results, Chairman of Capital Bank Bassem Al-Salem said, “The effects of the coronavirus pandemic on the international economy, which was witnessing a recession even before the appearance of the virus, have been substantial and very costly on world economies as well as the labor and oil markets, as well as international trade of commodities and services. Arab countries, including Jordan, were not far away from those negative implications.” He added that Capital Bank, thanks to its prudent polices, has been able to contain the repercussions of this global health crisis on its operations, and has also contributed efficiently to decrease its effects on exposed sectors and vulnerable groups.

Speaking about Capital Bank’s main achievements during the first three quarters of 2020, which according to Al-Salem included the signing of a non-binding and exclusive letter of intent agreement in September for the acquisition of Audi Bank branches in Jordan and Iraq, including the purchase of all their assets and liabilities, a move that has already gotten the tentative approval from both the Central Banks of Jordan and Iraq.

As part of its strategic plans and continuous efforts to develop its services and achieve digital transformation, Capital Bank CEO Dawod Al Ghoul stated that the bank rolled out its iCa chatbot services both on Facebook and WhatsApp, yet another first for the market. The bank is also currently developing a full suite of banking products and services for its clients in the retail sector.

Al Ghoul went on to add that Capital Investments Company has launched a Forex application that allows the company’s clients to trade in foreign currencies. Also this year, Capital Bank was one the first Jordanian banks to contribute to and support the national loan guarantee program, which was launched by the Central Bank of Jordan to help entrepreneurs, artisans, and SMEs impacted by the coronavirus pandemic acquire low-cost soft financing. To help out even further, the bank signed a number of significant agreements with international banks to support affected sectors.

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