Jordan Kuwait Bank posts mid-year net profits of $ 6.25 million
27/7/2001
Jordan Kuwait Bank has reported a 36 per cent jump in mid-year net profits for the year 2001, amounting to $ 6.249 million, compared to $4.590 million in 2000, the chairman of JKB said on Monday.
Abdul Karim Kabariti said the results show excellent progressive growth of the bank in terms of performance and achievements. All balance sheet items witnessed a rise, compared to mid- last year’s figures, Kabariti said.
The customer deposits portfolio grew 17.4 per cent, from $ 427.1 million in 2000 to $ 501.5 million in 2001, while the credit facilities portfolio rose 15.5 per cent, from $ 250.8 million in 2000 to $ 289.6 million in 2001. Total balance sheet rose from $ 760.4 million in 2000 to $ 784.8 million. Shareholder equity grew by $ 9.9 million.
The financial statement of the bank for this period was prepared in accordance with International Accounting Standards No. 12 and No. 39, which require more disclosure and detailed analysis of the banks' activities and results, said Kabariti.
The management continues to adopt a policy of building sufficient reserves, aimed at enhancing the bank's capital base, supporting growth plans and hedging against any changes in the local and international markets, he added, The mid- year’s results are consistent with the three-year strategic plan (2001-2003) which constitutes the basis for the bank's new long-term strategy.
"The bank's results confirm that the management has succeeded in implementing the policies directed towards improving the bank's capabilities and upgrading its performance standards," he added.
According to Kabariti, the comparative figures of the bank for the period June 1997 to June 2001 are proof of the progress and development the bank has achieved since mid-97 - the year the bank witnessed radical changes at the board of directors level - starting an "aggressive" plan of major restructuring.
Kabariti also said that the results of the bank are "clear evidence that the Jordanian Economy is witnessing recovery in all economic sectors". He expressed confidence that the economy will sidestep stagnation and be able to achieve higher growth rates in the coming period.
