Jordan Kuwait Bank H1 net profits grow by 24.7 per cent
22/7/2002
Jordan Kuwait Bank's (JKB) 2002 half-year profits grew by 24.7 per cent compared to the same period of the previous year, a bank statement said on Sunday. The statement attributed the increase to the bank's strategy, which focuses on improving its non- interest income.
The published financial statements, showed that JKB's half year profits amounted to JD5.52 million ($7.9 million) compared to JD4.43 million ($6.25 million) during the first 6 months of 2001.The Bank's assets rose to JD638 million ($900 million), up by 11.9 percent or JD68 million ($96 million), the statement said.
JKB is the first bank in the Kingdom this year to announce its half yearly financial results in line with the regulations of the Amman Stock Exchange, which stresses on listed companies announcing their quarterly, half yearly and annual results as part of its transparency policy. The Central Bank of Jordan has endorsed the JKB's results, by the end of last week.
JKB Board Chairman Abdel Karim Kabariti said the results matched the bank's development pace since 1997 and were in line with its strategy of expanding its activities inside and outside the Kingdom.
"These results reflect the growth of the national economy despite regional political factors and comes in line with the bank's inclination towards the most productive sectors, its policy of attracting a selective group of clients and accommodating changing circumstances.
Mr. Kabariti said the "remarkable" increase in the bank's profits was a result of adopting modern banking systems, electronic delivery channels, offering new products and services and diversifying its activities in cooperation with JKB subsidiaries namely, Arab Orient Insurance and United Financial Investment Company.
JKB’s non- interest income during the half of this year amounted to JD5.77 million ($8.14 million) compared to JD1.64 million ($2.4 million) for the same period of 2001. Customer deposits rose to JD419.37 million ($591.5 million), up by JD61.56 million ($86.8 million) according to the statement. Direct credit facilities (net) grew by JD8.24 million ($11.6 million), totaling JD245.61 million ($346.4 million).
It is worth mentioning that the Capital Intelligence rating agency has given JKB a BBB- rating and upgraded its outlook from stable to positive, based on 2001 financial results.
