JODIC Releases Its 2020 Annual Report

Jordan Deposit Insurance Corporation (JODIC) released its annual report for the year 2020, which highlights the Corporation’s key achievements and its financial results during the year. The report emphasized the development of deposits and depositors in the banking system; 76.7% of its deposits are denominated in the local currency, 96.8% of those deposits are eligible, while 97.6% of eligible depositors are fully insured. Also, the annual report demonstrated JODIC’s activities at the regional and international levels, illustrating its effective role through participating in the committees and events that are relevant to the deposit insurance industry.

The annual report highlighted JODIC’s financial performance for the year 2020, the report released the financial statements and the independent auditor’s report which indicated an increase of JD 79.1 million in total assets compared to the level registered at the previous year to reach JD 932.1 million at the year-end of 2020. Public debt instruments composed 98.2% of JODIC’s investment portfolio, and the return of investment amounted to JD 45.3 million with a growth rate of 5.7% compared to a year earlier. The report showed the Corporation’s financial soundness through disclosing the indicators of the reserves adequacy, as JODIC’s reserves amounted to JD 928.9 million at year-end of 2020, which covers 11.52% of the insurance policy. Meanwhile, the report showed that the reserves of the Deposit Insurance Fund for Islamic Banks reached JD 25.8 million according to its financial position at the year-end of 2020.

The 2020 annual report emphasized the JODIC’s pivotal role as a main recognized pillar of the financial safety-net, through protecting depositors, and contributing to maintaining the banking and financial stability in the Kingdom, which support the national economy, encourage savings, and enhance confidence in the banking system.