Amman, October 27 (Petra) -- The Association of Banks has released its annual report titled "Key Banking Developments in Jordan – 2024," offering an in-depth overview of the Kingdom’s banking performance and reaffirming the sector’s strength, stability, and continued contribution to national economic growth.
Based on data from the Central Bank of Jordan and banks operating in the Kingdom, the report shows that the banking sector maintained steady growth across major financial indicators despite regional and global challenges.
Total assets of banks rose by 5.6% to reach JD 69.85 billion, driven by an increase in domestic assets of 5.2% to JD 63.05 billion, and a 9.3% rise in foreign assets to JD 6.8 billion. Bank assets accounted for 184.4% of Jordan’s GDP, underscoring the sector’s critical role in financing economic activity and ensuring liquidity.
The report also revealed a 6.8% increase in total deposits, reaching approximately JD 46.7 billion, reflecting strong confidence in the banking system. Growth was recorded across all deposit categories, demand, savings, and time deposits, fueled by an increase in both public and private sector deposits.
Credit facilities extended by licensed banks rose by 4.2% to JD 34.78 billion by the end of 2024. Loans and advances constituted 60.3% of total facilities, Islamic financing accounted for 29.9%, and overdrafts represented 8.2%.
About 87.6% of total facilities were denominated in Jordanian dinars, with the remainder in foreign currencies. Four main sectors, construction, public utilities, trade, and industry, captured nearly two-thirds of total lending, highlighting the banks’ continued role in supporting key economic activities.
The report emphasized that financial soundness indicators remain strong, with non-performing loans at 5.6%, a level considered safe by international standards. It also noted the steady growth of digital banking services, with significant expansion in electronic payment systems such as eFAWATEERcom and CliQ, as well as an increase in mobile and online banking transactions. By the end of 2024, the sector’s presence included 869 branches, 53 offices, and 2,365 ATMs across the Kingdom.
The banking workforce continued to expand, employing 22,996 people by the end of 2024, with women representing one of the highest participation rates among all economic sectors. The report highlighted ongoing investment in training and skill development, with hundreds of employees participating in specialized programs throughout the year.
The 2024 edition of the report includes expanded data and analysis compared to previous years, incorporating new sections on digital transformation and innovative financial services. It concludes that Jordan’s banking sector enters 2025 on solid ground, supported by strong liquidity, a resilient capital base, and a clear strategy to enhance financial inclusion and accelerate digital innovation, reinforcing Jordan’s position as a leading financial center in the region.
//Petra// RZ
