Jordan Kuwait Bank in H1, 2008: Solid growth pace and remarkable performance

Second quarter bottom line posted an increase of 22.88% compared to Q1 2008.

Interest income rose during the first half of 2008 by 16.23% reaching JD70.13m compared to JD60.34m recorded in June 2007. Net commission income stood at JD6.24m during the first six months of 2008 relative to JD4.65m recorded during the corresponding period of the prior year; representing an increase of 34.04%.

Non-interest & commission income posted a handsome Y-O-Y augmentation of 96.23% standing at JD16.7m and comprising 26.95% of gross income, compared to 19.37% registered during the first half of 2007.

JKB net profit for the first half of 2008 stood at JD29.7m, compared to JD23m recorded at the end of June 2007; representing a growth of 28.84%. EPS for the first half of the year reached JD0.274, compared to JD0.224 registered at the end of the first half of 2007.

The balance sheet posted strong performance during the first six months of 2008 expanding by 9.2% to stand at JD2,201m compared to JD2,016m recorded on December 2007. Among all components of the bank's assets, trading financial assets exhibited the highest increase of 77.77% reaching JD3.326m relative to JD1.871m recorded at the end of 2007.

JKB credit portfolio expanded by 15.15% during the first six months of 2008 landing at JD1,298m as opposed to JD1,127m registered at the end of the prior year. Customers deposits stood at JD1,352m at the end of the first half 2008 as opposed to JD1,224m recorded at the end of 2007; showing an increase of 10.4%.

Total shareholders equity reached JD241.34m, compared to JD225.76m recorded at the end of the prior year.

Its worth noting that Burgan Bank- Kuwait, bought United Gulf Bank 43.86% stake in Jordan Kuwait Bank raising its stake in the bank's capital to around 51%.