Jurnal Internasional 2

International Journal of Advanced Science and Management
Vol. 29, No. 05, (2020), pp. 985-994
Financial Performance Evaluation of the commercial banks in

Jordan: Based on the CAMELS Framework.
Dr. Ammar Daher Bashatweh, Prof Emad Yousif Ahmed

Faculty of Business & Finance, The World Islamic Science & Education
University, Jordan - Amman
Abstract
This study aimed at analyzing and evaluating the financial performance of the
Jordanian banks. To achieve the objective of the study, the CAMELS framework was used
to analyze and evaluate the financial performance of banks. The study sample consisted of
13 commercial banks for the period 2014-2018. The study concluded that the overall
Jordanian commercial banks was the degree of classifying them based on CAMELS
framework which was acceptable and that the Jordanian commercial banks have a
convergence in the rating, which is an indication of the convergence of the procedures
and policies adopted in the Jordanian commercial banks.
The study recommended that the banks must reduce their operating expenses and
manage it in a better way and that the management of the Jordanian commercial banks
must reconsider the policies, strategies followed in providing facilities, the level of the
required guarantees as well as the procedures of following debts. The study also
recommended preparing accurate and organized plans for liquidity by the managements
of the banks in order to achieve a consistency between assets and obligations in terms of
maturity, and distributing them to uses transferable to liquid balances. Finally, We
recommend other researchers to conduct studies on the Islamic banks in addition to all
the banks listed on the ASE.
Keywords: Commercial Banks, Financial Performance, Operating Expenses,
Sensitivity to market risk, CAMELS
Contribution: This study is one of the few studies which have analyzed the financial
performance of commercial banking in Jordan with all components of the CAMELS
model. Also it contributes in the existing literature by employing the CAMELS model to
evaluate and compare banking performance. The finding of this study will attract the
attention of managers and stakeholders and academicians.
1. Introduction:
Banks are one of the most important economic sectors in Jordan. The report of the
Central Bank of Jordan of 2018 showed that the volume of the assets of the licensed
banks at the end of the year was 161.9% (CBJ, 2018).
In order to ensure a sound and strong banking sector, it is important to evaluate banks
through a framework or approach that shows the strengths and weaknesses of these banks.
One of the methods used to analyze and evaluate the financial performance was the
CAMELS framework (Roman & Şargu, 2013).
There are many researchers who tried to contribute to providing an assessment for the
financial performance via the CAMELS framework with its six components such as
(Roman & Şargu, 2013) (Rozzani, & Rahman, 2013). Some researchers were limited to
assessing the financial performance through using only five indicators such as
(sangmi&Nazir, 2010) and (Muhmad & Hashim, 2015). In its Financial Stability Report
for 2018, the Central Bank of Jordan was limited to assessing the safety of the financial
performance on four indicators: capital adequacy, asset quality, liquidity and Earnings.
Hence, In accordance to this, the current study fills the gap in the knowledge of camels
ISSN: 2005-4238 IJAST

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framework financial performance in Jordanian banks by: first analyze all indicators
camels framework and second evaluate financial performance of the Jordanian
commercial banks listed on the ASE using all indicators camels framework and third to
compare the banks and their performance during period study. The present study will be
useful to banks' managers to improve financial performance and stakeholders to evaluate
banks managers, as well as contributing to the literature and future studies so that this
research aims to analyze and evaluate the financial performance of the Jordanian
commercial banks listed on the ASE for the period 2014-2018. To achieve this objective,
the CAMELS framework with its six components was used since this analysis will give a
comprehensive evaluation for the financial performance of the banks, the study sample.
2.CAMELS Framework:
Evaluating the performance of the banks is important for all parties, including
suppliers, investors and others. Generally, the financial structure is the most important
index in evaluating the performance of banks. One of the common financial indicators
used by researchers for measuring the banking performance is the CAMELS framework
(Muhmad & Hashim, 2015). In order to ensure a strong and stable banking sector, banks
must be assessed and evaluated in a way that allows for the removal of gaps where the
CAMELS framework is considered the most used method for this. The framework was
established in 1979 in the United States of America by some banks’ regulators; its uses
were then expanded to include being a tool beneficial for the regulatory agencies. The
acronym for CAMEL is derived from the bank's main operations (capital adequacy, asset
quality, management efficiency, Earning, and liquidity), since 1996. For focusing on the
risks, the letter S was added meaning the sensitivity to the market risks. The six indicators
of the framework are related to the evaluation of the performance of the banks. Some
standards were prepared for the six CAMELS framework indicators ranging from (1), the
best, to (5), the worst. (Rozzani, Rahman, 2013) and (Saker, 2006). It was recommended
by the International Monetary Fund (Roman & Şargu, 2013). This was confirmed by
(Dincer, et al.2011) which studied CAMELS framework; it found that it is a supervisory
rating used to evaluate the financial performance of banks and it was provided in the
United States of America in 1979. The researchers believe that the CAMELS framework
is one of the integrated frameworks measuring the financial performance of banks and it
shows the strength and weakness of the bank in one of the aspects of the framework; as a
result of its importance, it is used by the Central Bank of Jordan. The CAMELS
framework consists of the following six indicators:
1. Capital adequacy: The capital adequacy ratio is the solvency ratio. The minimum of the
rates of the capital adequacy for guaranteeing the banks’ ability to absorb a reasonable
level of the losses before they become insolvent (Arabi, 2013). In Jordan, banks must
maintain the capital adequacy ratio of 12%; the higher such ratio, the higher the bank's
risk to hold risks (CBJ, 2018).
2. Asset quality: The quality of assets is considered an important aspect for evaluating the
performance of banks. The poor quality of assets and the low liquidity are the reasons for
the failure of banks (Jha & Hui 2012). The highest risks facing the banks in general are
the losses resulting from the fluctuating loans. Therefore, banks are always trying to keep
the non-performing loans at a lower level (Ongore&Kusa, 2013).
3. Management quality: the management quality plays a big role in determining the future
of the bank because of the management's overall view on the bank's various operations
(Jha & Hui 2012). The quality of the management (M) is essentially its ability to
determine, measure and control the risks of activities, and to ensure the safe, proper and
effective operation in a way that suits the regulations. The quality of the management is
linked to the bank's success (Ghasempour & Salami, 2016).

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4. Earnings: The ability of the banks to make appropriate earnings helps them to expand
their business, and maintain competitiveness. The earnings are also a key factor in
classifying their continuity (Baidoo, Amankwah & Tobazza, 2014). The earnings indicate
the bank’s ability to absorb the losses, increase capital and support its various operations
(Desta, 2016).
5. Liquidity: Liquidity is one of the factors that determine the level of the performance of
banks. It refers to the bank's ability to meet its obligations and face the unexpected
withdrawals from depositors (Roman & Şargu, 2013). If the management does not
properly exploit liquidity, the bank will face a loss (sangmi&Nazir, 2010).
6. Sensitivity to market risk: There is an indirect relationship between the size of the bank
and its sensitivity to the market risks which is the risk of failure because of the poor
conditions of the market where one increases, the other decreases. As a result, the larger
the size of the assets of the bank compared to the sector, the less sensitive it becomes to
the market risks resulting in avoiding a failure. (Dincer, et al., 2011).
3.Previous Studies
This section of the paper will be a review of the previous research on the topic of the
evaluation of the financial performance:
(Muktuf & Hazim, 2020) The study used a camels model to assess the performance of
banks in Iraq as the study sample consisted Al-Mansour Investment Bank in Iraq for the
period 2014-2018. The results showed that he bank obtained the third classification for its
overall financial performance according to the results of the composite classification of
the CAMELS model during the years of research, in addition to the weak management of
the bank's assets
(Saikrishna & Varghese, 2020) The study used a camel framework to assess the
performance of banks in India as the study sample consisted of one public sector bank, the
State Bank of India, and one private sector bank, HDFC Bank in India for the period
2015-2019. The results showed that Both the banks are maintaining a prescribed level of
CAMEL model. As we compare HDFC bank have more better ratios than SBI. In capital
adequacy, assets quality, management efficiency and earnings quality HDFC bank have
the better ratios. SBI have good ratios only in liquidity. Out of the 17 ratios used in this
CAMEL analysis, HDFC bank, private sector bank is the best in its operations.
(Georgios & Elvis, 2019) The study used a camels framework to assess the
performance of banks in Balkan Countries as the study sample consisted of eight major -
according to their assets - Balkan banks in particular: Greece (Piraeus Bank), Albania
(National Commercial Bank or NCB), FYROM (FYROM Bank for Development
Promotion or MBDP), Bulgaria (UniCredit Bulbank), Romania (Banca Commercial or
BCR), Serbia (Banca Intesa), Croatia (Zagrebacka Banca or ZABA), and Slovenia (Nova
Ljubljanska Banka or NLB group) in Balkan Countries for the period 2009-2016. The
results showed that the Balkan banks were adequately capitalized in general and did not
address capital adequacy issues other than FYROM and Serbia. Banks had a big problem
with asset quality and even liquidity. There was no issue of capital adequacy but it was
raised later due to the financial crisis and during that time, due to the large deposit run, the
difficulty of finding a source of funding, the increase in non-performing loans and the
decrease in interest income. Another problem for banks is the quality of risk management.
The quality of the management of the Balkan banks has great scope for improvement.
There is also a major problem with banks' immediate liquidity, with the exception of
Albania's NCB, which seems to have no problem as its deposits are sufficient for lending.
That is, deposits are more than loans.
(Muhmad & Hashim, 2015) The study used camels framework to evaluate the
performance of the banks in Malaysia where the study sample consisted of the local and

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foreign banks in Malaysia for the period 2008-2012. The results showed that the adequacy
of the capital, the quality of assets, earnings and liquidity affected the performance
compared to the management quality which had not affected the performance.
(Sangmi & Nazir,2010). The study used the CAMELS framework to evaluate the
performance in India where the study sample consisted of two major banks in India. The
study found that the two banks were in a good and sound position in terms of the capital
adequacy, quality of assets, quality of management and liquidity.
(Atikoğulları,2009). The study used CAMELS framework to analyze the performance
of the banking sector in Northern Cyprus. The study sample consisted of 5 banks in the
period following the banking crisis. The study concluded that the adequacy of capital and
liquidity declined while both the earning and the quality of management improved during
the same period.
3.Study Methodology
As study is related to the analyze and evaluate financial performance of banking sector
based on the CAMELS model so following section explained:
3.1Sample:
There are 16 banks in Jordan Listed in Amman Stock Exchange which are divided into
two sets of banks. The first set of banks represents the 13 commercial banks. The second
set of banks represents the 3 Islamic banks. The second set of banks is excluded from this
study. This study covers a five-year period during 2014-2018.
2.3Data Collection
To achieve the aim of the study the descriptive. The study relied on two main sources
for data collection: for the collection of secondary data: study utilized the previous
studies, books periodicals scientific journals, and publications related to the subject of
study. As for primary data, the study utilized the Financial Reporting to collect the data
needed for the study, Annual reports for the 13 listed Jordan banks are downloaded from
the banks’ websites and the Amman stock Exchange(ASE)
3.3Measurement and Ratio Classification for Components of CAMELS
Rating
The elements of the CAMELS framework were measured as shown in Table 1, where
the average of each CAMELS framework element was calculated for 5 years during the
period 2014-2018. The means that were obtained were used for the rating of the banks.
Table (1) Measurement and Ratio Classification for Components of CAMELS Rating
Ratios of Measuring Rank

Acronym Component
CAMELS 1 2 3 4 5
Capital Tier1 + Tier 2 capital /
C ≥12% ≥8% less than 8% less than 6% ≤2%
Adequacy RWA≥12%
Non-Performing Loans /
A Assets Quality <1.25% 1.26%-2.59% 2.60%-3.59% 3.60%-5.50% >5.5%
Total Loans
Operation Expenses /
M Management ≤25% 26% -30.99% 31% - 38.90% 39% - 45.90% ≥46%
gross income
Net Profit after Tax /
E Earnings ≥1% 0.90% - 0.80% 0.70% - 0.35% 0.34% - 0.25% ≥0.24%
Total Assets
Liquid Assets / Total
L Liquidity ≥50% 45% - 49.99% 44.99% - 38% 37.99% - 33% ≥32%
Assets
Sensitivity to Total Securities / Total
S ≤25.490% 25.5% - 30.99% 31% - 37.99% 38% - 42.99% ≥43%
market risk Assets
Sourses: (CBJ,2018),(Dincer et. Al.,2011),( Ghazavi & Bayraktar,2018),(Al Qaisi,2017)
4. Results

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The results of the Average of the total composite evaluation of the CAMELS
framework elements in the Jordanian commercial banks as in the table below:
Table (2) Average of the total composite evaluation of CAMELS framework elements in the
Jordanian commercial banks
Jordan Kuwait Bank

Management Assets Quality Capital Adequacy
Rating Ratio Rating Ratio Rating Ratio
)critical( 5.0 0.58 )critical( 5.0 7.98 )strong( 1.0 13.51
Sensitivity to market risk Liquidity Earnings
)strong( 1.0 19.31 )critical( 5.0 10.52 )strong( 1.0 1.36
Average of the total composite evaluation of CAMELS framework elements in the Jordan Kuwait
Bank = 3.1 (acceptable)
Jordan Ahli Bank
2.6
)strong( 1.2 23.36 )critical( 5.0 10.31 0.77
)acceptable(
Average of the total composite evaluation of CAMELS framework elements in the Jordan Ahli
The Housing Bank for Trade and Finance
)good( 1.6 25.95 )critical( 5.0 15.49 )strong( 1.0 3.56
Average of the total composite evaluation of CAMELS framework elements in the Housing Bank
for Trading and Finance = 3.1 (acceptable)
Bank Al Etihad
Average of the total composite evaluation of CAMELS framework elements in the Bank Al Etihad
= 3.0 (acceptable)
)ARAB) Banking Corporation /JORDAN
4.2
)critical( 5.0 0.56 5.38 )strong( 1.0 19.62
)Marginal(
)good( 2.0 27.74 )critical( 5.0 8.41 )strong( 1.2 1.20
Average of the total composite evaluation of CAMELS framework elements in the Banking
)ARAB( Corporation = 3.1 (acceptable)
Invest Bank

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Average of the total composite evaluation of CAMELS framework elements in the Invest Bank =
3.0 (acceptable)
Capital Bank of Jordan
)strong( 1.4 24.95 )critical( 5.0 14.48 )good( 2.0 1.11
Average of the total composite evaluation of CAMELS framework elements in the Capital Bank of
Jordan = 3.2 (acceptable)
Society General Bank
Average of the total composite evaluation of CAMELS framework elements in the Society General
Cairo Amman Bank
Average of the total composite evaluation of CAMELS framework elements in the Cairo Amman
Bank = 2.8(acceptable)
Bank of Jordan
Average of the total composite evaluation of CAMELS framework elements in the Bank of Jordan
= 3.0 (acceptable)
Jordan Commercial Bank
)good( 1.8 26.77 )critical( 5.0 10.31 )good( 2.4 0.69
Average of the total composite evaluation of CAMELS framework elements in the Jordan
Commercial Bank = 3.4 (acceptable)
Arab Jordan Investment Bank
)critical( 4.8 0.53 )good( 2.2 2.33 )strong( 1.0 15.91
3.0 33.83 )critical( 5.0 5.47 )strong( 1.4 1.14

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)acceptable(
Average of the total composite evaluation of CAMELS framework elements in the Arab Jordan
Investment Bank = 2.9 (acceptable)
Arab Bank
Average of the total composite evaluation of CAMELS framework elements in the Arab Bank =
3.2 (acceptable)
Overall Jordanian commercial banks
)Good( 1.5 22.81 )Critical( 5.0 11.42 )Good( 1.5 1.34
Average of the total composite evaluation of CAMELS framework elements in the Jordanian
commercial banks = 3.1 (acceptable)
We note from the previous table (2) represented in the average composite evaluation of
the CAMELS framework elements in the Jordanian commercial banks that:
1. The average capital adequacy ratio in the Jordanian commercial banks has varying
ratios; the rating for all banks was strong where the average highest value was 23.02 at
Societe Generale and the lowest value of 13.510 was for the Arab Bank and the Jordan
Kuwait Bank. . It is concluded that the Jordanian commercial banks are committed to the
decisions of the Central Bank of Jordan as for the capital adequacy ratio of 12%. This
value is higher than the Basel Committee's ratio of 10.50%. The commitment of such
values by the Jordanian commercial banks indicates that they have the ability to face the
capital risk. The higher the ratio for the banks, the more they are able to face the
unexpected losses that enable them to absorb them, the more they are able to survive in
the competitive environment and the more opportunities for expansion in the future.
2. The average of the quality of assets in the Jordanian commercial banks was uneven
and their rating was also different between critical and good. The average ratio of the
quality of assets for the Arab Bank was 7.200, which is the highest ratio among the banks
and they were rated as critical. For the Investment Bank of Jordan, the value was 2.330,
which is rated as good. . It is concluded that the quality of the assets that is measured by
the non-working debt to the total debt indicates that the ratio of the Jordanian commercial
banks is different; this is attributed to the policies, facilities and the level of the guarantees
demanded by the bank from its customers. This also indicates that banks suffer from the
low quality of their assets as it turns out that the average ratio of the quality of the assets
of the banks was critical. This means that the banks suffer from this high rate;
accordingly, their managements must prepare strict policies to limit their rise, capital
drainage and the loss of their customers and thus get out of the competition environment.
3. The average of the quality of the management among the Jordanian banks, the study
sample, was critical, where the average ratios among all banks were greater or equal to
46%. 79% was the ratio of the Jordan Ahli Bank while it was 47% for the Society
General. It was concluded that the quality of the management that is measured by the total
operating expenses to the total earnings increased. This indicates that the Jordanian
commercial banks suffer from the high operating expenses, which are critical. This result
was consistent with the central bank's report of the financial stability of 2018 that banks
suffering from the high operating expenses must work on reducing them and reducing the

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Vol. 29, No. 05, (2020), pp. 985-994
operating expenses. This indicates that the quality of the management among the banks is
variant.
4. The average of the profit ratio of the Jordanian commercial banks ranged between
strong and acceptable. The highest ratio among the banks was for the Housing Bank for
Trade and Finance by 3.56, which is classified as strong, compared to 0.77% which was
for the Jordan Ahli Bank, which is acceptable. It turns out that the profit that is measured
by the ratio of the net profit to the total assets is good due to the fact that the Jordanian
commercial banks enjoy a good level of earnings. This indicates that the Jordanian
commercial banks are able to make earnings and use their resources in the best way to
achieve and maximize their earnings.
5. The average of the liquidity ratio of the Jordanian commercial banks was varied but
the rating was critical in all the Jordanian commercial banks; it was represented by 17.12
at the Society General, which was also critical. The liquidity of the Jordanian commercial
banks, the study sample, suffers from a decline that it was measured by the ratio of the
total liquid assets to the total assets. According to the rating, it was evident that the
Jordanian commercial banks had a critical degree and that there was a variance among the
Jordanian commercial banks in terms of liquidity. This is attributed to the different
methods adopted by banks in using their liquid assets and the way they manage their
control and planning processes.
6. The average of the sensitivity to the market risk among the banks, the study sample,
ranged between strong and acceptable. The Bank of Jordan had a ratio of 14.070, which is
strong and the Housing Bank for Trade and Finance had a ratio of 33.830, which is
acceptable. according to the rating, the sensitivity to the market risk that is measured by
the ratio of the total securities to the total assets was good. This shows that the Jordanian
commercial banks have the ability to control the market risks and face any risk to which
they may be exposed as well as the variety in the volume of the securities invested in
them.
Table 2 showed that the average rating of the Jordanian commercial banks according
to CAMELS rating is acceptable where the capital adequacy of the overall Jordanian
commercial banks was 16.490, which is strong, the quality of the assets was 6.740, which
is critical, the quality of the management was 0.60 which is critical, the earnings were
1.340 which is good, liquidity was 11.420 which is critical and finally the sensitivity to
the market risk was 22.810 which is good.
5. Conclusions
This study aimed at analyzing and evaluating the financial performance of the
Jordanian banks. Data were collected in the period of 2014-2018 from 13 banks listed on
ASE. CAMELS model was used as an evaluate and analyze for the performance of listed
banks. The CAMELS model considered in this study included the capital adequacy, assets
quality, management, earning, liquidity, and sensitive to market risk. The estimated
results by CAMELS model showed that the overall average for the evaluation degree of
rating the CAMELS elements in the Jordanian commercial banks during 2014-2018 was
acceptable. This is because the rating index in each bank was mostly between strong and
critical. The index of the capital adequacy, earnings and sensitivity to the market risks is
mostly strong whereas the index of the quality of the assets, quality of management and
liquidity was mostly critical. It was also concluded that the Jordanian commercial banks
have a convergence in terms of the rating, which means that the policies and procedures
followed by the banks that are the study sample are close.
6. Recommendations:
The study recommends that banks should reduce the operating expenses and manage
them in a better way, the banks’ management should reduce the non-working debt by

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Vol. 29, No. 05, (2020), pp. 985-994
obliging their managements to develop strict policies to reduce their rise and finally the
managements of the Jordanian commercial banks should reconsider the policies and
strategies adopted in providing facilities, the level of the guarantees required, and the
actions taken in following-up the debt. The study recommended preparing accurate and
structured plans for the bank’s liquidity by the management of the Jordanian commercial
banks, which leads to the harmonization between the assets and obligations in terms of
maturity, and distributing such plans on uses that are transferable to liquid balances.
Furthermore, the study recommended researchers to conduct studies on the Islamic banks
and all banks listed on the ASE.
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Vol. 29, No. 05, (2020), pp. 985-994

Financial Performance Evaluation of the commercial banks in

Dr. Ammar Daher Bashatweh, Prof Emad Yousif Ahmed

ISSN: 2005-4238 IJAST

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Ratios of Measuring Rank

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Jordan Kuwait Bank

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Sensitivity to market risk Liquidity Earnings

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[14] Ongore, V. O., & Kusa, G. B. (2013). Determinants of financial performance of

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