The net profit of Capital Bank Group from ordinary activities increased by 34% by the end of the first quarter of 2023 to reach JOD 26.1 million, compared to JOD 19.5 million for the same period last year, after excluding non-recurring items.

The group's financial results were announced a day after the Jordanian Attorney General's decision to dismiss the lawsuit filed by Talal Abu Ghazaleh regarding his deposits in Beirut and to prohibit the trial of Jordan Capital Bank and Société Générale Bank- Jordan, in a final and irrevocable decision according to the law.

According to the financial results, Capital Bank Group maintained strong financial performance by the end of the first quarter of this year, represented by a 25% increase in the total assets of the group by the end of March to reach JOD 7.5 billion, compared to approximately JOD 6 billion for the same period in 2022.

The group's total income increased by 68% to reach JOD 69 million, compared to JOD 41 million for the same period last year, while customer deposits increased by 10.4% to reach JOD 5.4 billion at the end of the first quarter of the current year, compared to JOD 4.9 billion at the end of 2022.

Bassem Khalil Al-Salem, the Chairman of Capital Bank Group, said, "Capital Bank Group continued its upward growth trajectory in the first three months of this year, as the main financial indicators of the group showed a good level of performance, confirming the strength and resilience of its financial position and its ability to achieve long-term financial returns that meet the aspirations of its shareholders, and enhance the position and leadership of the group in the Jordanian and regional banking market."

Al-Salem had structured the management board of the group in the form of a judicial decision relating to the case of Talal Abu Ghazaleh and his deposits in Beirut, which resulted in the conclusion that the dispute was confined between Talal Abu Ghazaleh and Société Générale Bank (Lebanon), and there is no legal link between Capital Bank (Jordan) as the acquiring company and legal successor of Société Générale Bank (Jordan) as the merged company and Talal Abu Ghazaleh’s deposit in Lebanon.

Al-Salem added: "The excellent financial results are a translation of the group's ambitious long-term strategy, which revolves around maximizing achievements and building on them," noting that these excellent results reflect the size of the efforts made to improve the financial performance of the group and achieve its set goals.”

As for the financial results of the subsidiaries of Capital Bank Group, the net profits of the National Bank of Iraq increased by 151% after taxes to reach JOD 8.9 million in the first quarter of this year, compared to JOD 3.5 million during the same period last year. Meanwhile, the bank's total assets grew by 42% to reach JOD 1.7 billion at the end of the first three months of this year. Capital Investments Company also achieved a 10% increase in its net profits, reaching JOD 1.5 million at the end of the first quarter of this year.

For his part, the CEO of Capital Bank Group, Dawod Al-Ghoul, confirmed that the group continued its excellent financial performance during the first quarter of this year, which was reflected through positive and strong financial indicators, both in terms of achieved profits, where the net operating income of the group's normal operations increased by 83%, and in terms of the increase in the size of assets, in addition to the capital adequacy ratio of the group, which was higher than the minimum required by the Central Bank of Jordan, which is 14.25%.

Capital Bank Group ranked 50th among the largest banks in the Middle East in terms of its market value, which amounted to $915 million for the year 2023, according to a list recently published by Forbes magazine.