Jordan Kuwait Bank (JKB) reported net profits of $11.2 million for the first half of 2003, a 43.1 percent increase compared to the same period last year. The Bank posted 26.5 percent return on shareholders’ equity and 2.49 percent return on assets compared to 20.84 percent and 1.83 percent respectively during the same period.
Total assets grew by $25.8 million, a three percent increase, while credit facilities-net realized a growth equivalent to $27.5 million dollars, up 7.4 percent compared to the position as of December 2002. Non-performing loans witnessed yet another sharp decline to record just 5.4 percent of the total credit portfolio down from 6.8 percent as of December 2002.
“The results achieved during the first half of the year were attributed to a great extent, to our credit based-activities which have witnessed further product diversification and client base expansion to include corporate and individual customers from various commercial, industrial and service sectors,” said JKB Chairman and CEO, Abdel Kareem Kabariti.
“With the new emerging situation in both Jordan’s eastern and western neighboring states, we are quite confident that Jordan economy will flourish benefiting from the opportunities which the foreseeable future will present to the Jordanian business sector,” added Kabariti.
Established 1976, JKB is the seventh largest bank in Jordan in terms of assets and the third in terms of market capitalization. The bank has operating branches in Jordan, Cyprus and Palestine. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
