Jordan Kuwait Bank reports net profit of US$16.75 million
Jordan Kuwait Bank reported net profit of US$16.75 million for the half-year ended June, 2004. This result reflects a 50 percent increase over net profit of US$11.15 million reported for the same period of 2003.
Assets at June 30, 2004 amounted to US$1124.7 million representing a 24 percent increase over the corresponding US$907.5 million as at June 30, 2003, and 11.1 percent higher since December 2003.
Direct credit facilities-net increased by 44.5 percent from US$400.4 million at June 30, 2003 to US$578.7 million at June 30, 2004. Non-performing loans ratio improved further and registered a new record low of 2.5 percent, one of the best ratios according to the industry's international standards.
Customer deposits increased by 13 percent from US$558.6 million to US$631.5 million.
Net operating income increased by 29.1 percent to reach US$28.5 million from US$22.1 million for the same period last year. Shareholders' equity reached US$104.4 million, an increase of 20.4 percent over June, 30, 2003.
Chairman & CEO Abdel Karim 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."
"These results also reflect the growth of the national economy despite regional political factors. In addition, they are in line with the bank’s inclination towards the most productive sectors, its policy of attracting a selective group of clients, and accommodating changing circumstances. The bank introduced a number of initiatives during the first half of the year including the realignment of the branch network into sales and service outlets and the introduction of new and enhanced products and services. We are committed to adding value to our customers, shareholders, staff and the community."
"The market is still full of opportunities and we will ensure that we maximize our returns in this developing and promising economy," Kabariti concluded. (menareport.com)
© 2004 Mena Report (www.menareport.com)