JKB hikes net profit by 36 percent in 1Q 2004
Jordan Kuwait bank (JKB) increased its net profit after provisions to $7.73 million during the first quarter of this year, 36.1 percent higher than the net profit posted during the same period of last year.
JKB Chairman Abdul Karim Kabariti said that total assets of the bank increased by 9.3 percent to $110.06 million and that deposits grew by 13 percent to $ 956.1 million at the end of March 2004. Kabariti highlighted a growth of 17 percent in the credit facilities-net to $526.8 million compared to December 31,2003 and a growth in net interest and commission which reached $10.2 million, 20.3 percent higher than the amount recorded during the first three months of 2003.
JKB posted a $19.4 million net profit after tax and provisions at the end of last year. In February 2004, the bank raised its capital to $44.1 million by distributing $ 8.8 million as bonus shares to shareholders besides distributing cash dividends of 20 percent. — (menareport.com)
© 2004 Mena Report (www.menareport.com)