Jordan Kuwait Bank reports increase in net profit
Jordan Kuwait Bank reported net profit of US$ 10.6 million for the first quarter of this year, 37 per cent higher than the net profit of the same period last year.
Chairman & CEO Abdel Karim Kabariti highlighted the growth in some key figures of the first quarter results, where total assets of the Bank stood at US$ 1350 million, a growth of 7.8 per cent over December 2004. Deposits and cash margins grew by 5.4 per cent to US$ 962.5 million at the end of March 2005. Credit facilities-net realized a 12.6 per cent growth to US$ 709.7 million compared to US$ 630 million as at December 31, 2004. Net operating income increased by 49.1 per cent and posted US$ 11.64 million for the first quarter of 2005. Additionally, the Bank’s share from subsidiaries’ profit amounted to US$ 1.52 million on March 31, 2005.
Chairman Kabariti said” The Bank has consistently, over the past few years, exceeded financial targets, all performance indicators have improved and were above expectations, we are pleased with the bank’s overall achievements and very proud with the continuing support of our customers and business partners".
“The bank is currently involved in implementing a number of initiatives aiming at enhancing the Bank’s technical, organizational and marketing capabilities as well as introducing new products and services. We are committed to adding value to our customers, shareholders, staff and the community." Kabariti added.
In 2004, JKB posted net profit of US$ 25.3 million after tax and provisions. In February 2005, the Bank raised its capital to US$ 56.4 million by distributing US$ 12.3 million as bonus shares to shareholders besides distributing cash dividends of 20 per cent. Recent JKB’s rating of BBB was further enhanced by raising the future outlook of its financial strength from “stable” to “positive” in the third quarter of last year.