Mubasher: Jordan Commercial Bank net profits dropped 70.7% in the second quarter of 2016, to JOD 1.59 million ($2.24 million) compared to JOD 5.42 million ($7.6 million) in the same quarter last year.

The bank also recorded a 51.36% year-on-year fall in profits in the first half of 2016, reaching JOD 3.76 million, compared to JOD 7.74 million in H1-15, according to a bourse filing on Sunday.

Jordan Commercial Bank’s board approved in April a capital increase by 7.5% through issuing bonus shares totalling JOD 7.88 million, financed through last year’s retained earnings of JOD 16.7 million.