Latest news with #CapitalBankGroup
Zawya
14-04-2025
- Business
- Zawya
Capital Bank and Falcons Soft sign strategic partnership to expand electronic payments in Jordan
Capital Bank has signed a strategic partnership agreement with Falcons Soft, a leading provider of IT solutions, to expand the reach of electronic point-of-sale (POS) systems across Jordan and offer advanced e-payment services to a wider network of merchants. Through this agreement, Falcons Soft will be able to offer electronic payment acceptance and POS services directly to business owners and merchants. These services will be seamlessly integrated with existing electronic payment systems, helping streamline operations and improve overall efficiency. Rajaei Ajjour, Chief Payments and Acquiring Officer at Capital Bank, expressed his pride in partnering with Falcon Soft, noting that the agreement supports the bank's ongoing efforts to advance the e-payment sector in Jordan. He emphasized Capital Bank's role in driving growth in this vital area by delivering innovative, secure, and cost-effective payment solutions tailored to meet the needs of all customers. Haytham Rawajbeh, CEO of Falcons Soft, added, 'This strategic partnership with Capital Bank will allow us to directly offer payment acceptance through POS devices, supporting our business clients with a comprehensive suite of banking and payment services designed to help them grow and succeed.' About Capital Bank Group Capital Bank Group is recognized as a leading financial institution in both the Jordanian and regional markets with total assets of JOD 8.2 billion and a total equity of approximately JOD 724.6 million. The Group encompasses Capital Bank of Jordan, which has evolved since its establishment in 1995 into one of Jordan's premier financial institutions. It offers a comprehensive range of commercial and investment banking services, tailored to meet the diverse needs of both retail and corporate clients. In 2005, Capital Bank of Jordan acquired a majority stake (61.85%) in the National Bank of Iraq (NBI). This strategic acquisition enabled NBI to expand its product and service offerings, strengthen its market position, enhance financial inclusion, support export activities, and provide a broad array of services to businesses operating in Iraq. Continuing its expansion strategy, NBI opened its first branch in the Kingdom of Saudi Arabia in 2023, offering financial and trade services to its corporate clients. Capital Investments, a wholly owned subsidiary of Capital Bank established in 2006, has emerged as a regional leader in the investment banking sector. It provides comprehensive services including asset management, brokerage, and corporate financial advisory. The company caters to a diverse base of clientele, including major corporations, government entities, and high-net-worth individuals, through its offices in Jordan and the Dubai International Financial Center (DIFC) in the United Arab Emirates. Pursuing its ambitious growth strategy, Capital Bank Group acquired Bank Audi's operations in Jordan and Iraq in 2021. This was followed by the acquisition of Société Générale Bank in Jordan in 2022, further solidifying its competitive position in the Jordanian banking sector. In early 2022, Capital Bank launched Blink, a digital bank aimed at redefining banking for retail customers. In 2022, Capital Bank strengthened its capital base by issuing a USD 100 million Tier 1 perpetual bond—the first of its kind for a Jordanian bank in the local market, listed on NASDAQ Dubai. Additionally, Capital Bank raised its capital by issuing new shares to the Public Investment Fund (PIF), one of the largest sovereign funds globally, as a strategic investor. With a 23.97% stake, this capital raise enabled the Group to continue executing its expansion strategy and its commitment to continue introducing innovative products and services that benefit both clients and shareholders. Commemorating its commitment to excellence in 2024, customer-centric practices, innovation, and excellence in digital banking services, Capital Bank of Jordan received the 'Best Digital Bank' award in Jordan from Euromoney magazine and the 'Best Mobile Banking App in Jordan' award from International Business Magazine. For more information, please visit Capital Bank website: About Falcons Software Company: Falcons Software Company has been providing IT solutions and custom systems for businesses for nearly 28 years, since its establishment in 1997. The company offers high-quality technology and planning solutions for businesses of all types, sizes, sectors, and geographical locations, including nonprofit organizations, educational institutions, and government organizations. Falcons Software Company provides software specifically designed for its clients, including point-of-sale systems, accounting software, warehouse management, resource planning, and investment software with high quality. The company also offers tailored systems, security and protection systems, and many other solutions, in addition to supplying clients with hardware and equipment.
Zawya
17-02-2025
- Business
- Zawya
Capital Bank Group achieves record 50% profit growth in 2024, reaching JOD 160mln
Chairman Al-Salem lauds King Abdullah II's efforts in strengthening the national economy and advancing the investment landscape Capital Bank Group announced its annual financial results for 2024, marking a record 50% growth in net profits, which surged to JOD 160 million from JOD 106 million in 2023. This remarkable performance is driven by the strong growth of the group's core business. Chairman of Capital Bank Group, Basem Khalil Al Salem, expressed his pride and appreciation for the financial results achieved, attributing them to the wise leadership and directives of His Majesty King Abdullah II, which have strengthened Jordan's stability and supported its economy. Al Salem praised His Majesty's forward-looking vision for enhancing Jordan's economic position and empowering private sector institutions to drive growth and create more job opportunities. He also extended his gratitude to the Central Bank of Jordan for its pioneering role in maintaining banking sector stability and reinforcing its strength through prudent monetary policies and effective regulatory measures. Al Salem further emphasized that the strong results reflect the success of the group's strategy in expanding its business and strengthening its position in the local and regional banking market, despite the geopolitical and economic challenges facing the region, noting that the group's total assets grew by 8.5% at the end of last year, reaching JOD 8.2 billion. He also highlighted that customer deposits increased by 8%, reaching JOD 5.9 billion compared to JOD 5.5 billion at the end of 2023, while credit facilities granted to customers remained stable at JOD 3.4 billion at the end of 2024. Addressing the performance of the National Bank of Iraq (NBI), a subsidiary of the group, Al Salem highlighted the bank's remarkable growth across all financial indicators, attributing its success to an effective expansion strategy in the Iraqi market. He emphasized that this strategy has played a key role in achieving strong results. Al Salem noted that NBI increased its capital to 400 billion Iraqi dinars (IQD) — equivalent to USD 300 million — and remains committed to further strengthening its capital base by capitalizing retained earnings. This approach reflects the bank's dedication to solidifying its market position and contributing to the country's economic growth. Al-Salem announced that, following the approval of the 2024 financial statements, the group's Board of Directors has recommended a cash dividend distribution to shareholders at a rate of 15%, noting that the financial statements and dividend distributions are subject to the approval of the Central Bank of Jordan. Meanwhile, CEO of Capital Bank, Tamer Ghazaleh, expressed pride in the bank's outstanding financial performance, stating, 'Our results in 2024 reaffirm our commitment to building a strong, agile financial group that competes effectively in both local and regional markets. This success is driven by our ambitious strategy focusing on expanding our customer base, diversifying income sources, improving operational efficiency, and investing in cutting-edge technology.' Ghazaleh attributed the group's continued growth to its solid operational performance, effective risk management, adherence to responsible banking practices, and strong financial solvency. He noted that the group successfully reduced its cost of risk ratio to 1.2%, enhancing asset quality and lowering provisions compared to the previous year. According to Ghazaleh, net operating income grew by 17% to JOD 247 million, up from JOD 212 million in 2023. Additionally, net shareholders' equity increased by 10%, reaching JOD 724.6 million compared to JOD 657.6 million in 2023. This increase reflects improved returns and enhanced investment value for shareholders while ensuring high profit margins and sustainable growth. Ghazaleh further highlighted that Capital Bank has begun implementing artificial intelligence solutions to enhance banking services, improve customer experience, and drive greater operational efficiency. This initiative aligns with the bank's digital transformation strategy and commitment to investing in cutting-edge banking technologies to provide secure and advanced financial services. Notably, in 2024, Moody's upgraded Capital Bank's long-term rating from B1 to Ba3, underscoring its strength and resilience as one of Jordan's most reliable financial institutions. The bank also received several prestigious industry awards, including 'Best Digital Bank in Jordan' from Euromoney Magazine, 'Best Mobile Banking App in Jordan' from International Business Magazine, and 'Best Cash Management Bank in Jordan for 2024' from The Digital Banker. These accolades recognize the bank's pioneering role in customer service excellence and innovation in digital banking solutions.
