Jordan Kuwait Bank posts $ 24.4m profit in third quarter 2004
Jordan Kuwait Bank reported pre tax net profit of $24.4 million for the third quarter, 2004, representing a 50% growth over the corresponding period of previous year.
Chairman & CEO Abdel Karim Kabariti said in a statement that such an outstanding result is the outcome of solid achievements across all the main business lines of the bank and are in harmony with the upward trend of performance, efficiency and operational indicators, as set by the bank over the previous years.
Total assets at September 30, 2004 amounted to $1212.6 million representing a 19.8 percent increase since December 2003.
Direct credit facilities-net increased by 32.2 percent to $593.8 million at September 30, 2004. Non-performing loans ratio improved further and registered a new record low of 2.4 percent, down from 3.8 percent in 2003. In the meantime, NPL’s coverage of cash provisions increased to 150%. Such ratios are the best of local banking system and the industry's international standards.
Customer deposits increased by 17.9 percent and reached $725.2 million as at September 30,2004.
Net operating income increased by 44.4 percent over the same period last year to reach $23.6million.
Shareholders' equity amounted to $112.3 million, an increase of 17.2 percent over December 31, 2003.
Chairman & CEO Abdel Karim Kabariti said “we are pleased with the bank’s overall achievements, and very proud with the continuing support of our shareholders, customers and business partners"
"In light of the prevailing regional circumstances, the bank directed its activities and services towards productive local economic sectors focusing on its vast potentials, especially when the local economy is flourishing and heading towards an expected growth above 7% in 2004. Such a paramount growth, would not have been attainable had it not been for the wise, prudent and insightful leadership of His Majesty King Abdulla II and His dedication to Jordan’s socioeconomic reform process as well as his support to the drive towards the country’s growth and prosperity”, Kabariti concluded. (menareport.com)
© 2004 Mena Report (www.menareport.com)