JKB posted net profits of $10.4 million for 2001
The Jordan Kuwait Bank (JKB) posted a net profit of $10.4 million for 2001, an increase of 43.7 percent over the year 2000. The bank’s total balance sheet rose from $769 million to $804 million realizing a growth of 4.5 percent, stated a press release.
All key performance indicators and ratios witnessed a rise compared to last years' figures with return on average equity rising to 21.4 percent, from 18.7 percent in 2000, return on average assets rose to 1.8 per cent, up from 1.6 percent and capital adequacy ratios recorded 17 percent, up from 16.4 percent during the same period. Shareholders' equity grew by 31.2 percent reaching $76 million.
Customer deposits including cash margin reached $606 million, up from $573 million in 2000 and credit facilities recorded a growth of 24 percent, reaching $335 million during the same period.
Established in 1976 as a joint investment between Jordanians, Kuwaitis and other Arab investors, JKB’s paid-up capital was gradually increased from five million Jordanian Dinars to JD 25 million in February 2001. The bank has 30 branches located throughout Jordan and in Nablus City in the West Bank. — (menareport.com)
© 2002 Mena Report (www.menareport.com)