Jordan Kuwait Bank achieves excellent results in 2003
31/12/2003
Jordan Kuwait Bank has posted a group net profit of USD 19.4 million for 2003, an increase of 36.2 per cent over the year 2002.
H.E Abdel Karim Kabariti Chairman & CEO of JKB said: “These results are the outcome of continuous hard work and excellent performance throughout the past 7 years and have reflected positively on the Bank’s financial position and its capital base.”
Total balance sheet rose from USD 881.7 million to USD 1012.2 million realizing a growth by 14.8 per cent. Customers deposits including cash margin reached USD 728.5 million (USD 661.9 million in 2002), Credit facilities-net recorded a growth of 20.3 per cent to reach USD 448.8 million (USD 372.9 million in 2002). Credit portfolio was expanded and diversified. The Bank was very active in syndicated loans and was the leader and arranger of many large, medium and long term loans provided to major corporate and institutional clients.
All key performance indicators and ratios have witnessed a rise compared to last years’ figures: Return on Average Assets rose to 2.95 per cent (2.26 per cent in 2002) Return on Average Equity rose to 31.5 per cent (24.18 per cent in 2002). Shareholders’ equity grew by 17.7 per cent to reach USD 95.7 million.
In sum, the results and achievements realized in 2003 have added new elements of strength and safety and solidified JKB’s capital base and its fiscal position to a degree that enhanced the Bank’s ability to move ahead into a new phase of development.
According to Mr. Kabariti, the Board of Directors will propose to the General Assembly of Shareholders, a cash dividend of JD 5 million (20 %), and the capitalization of JD 6.25 million (25%) of the paid- up capital, thus bringing the total dividends distributed, throughout the past seven years, to JD 30 million (USD 42.3 million).
