For the fifth successive year Jordan Kuwait Bank achieves excellent results

Jordan Kuwait Bank has posted a group net profit of USD 10.4 million for 2001, an increase of 43.7 per cent over the year 2000 and 210 per cent over the year 1997.

H.E Abdel Karim Kabariti Chairman & CEO of JKB said: "These results are the outcome of continuous hard work and excellent performance throughout the past 5 years and have reflected positively on the Bank's financial position and its capital base."

All key performance indicators and ratios have witnessed a rise compared to last years' figures: Return on Average Equity rose to 21.4 per cent (18.7 per cent in 2000), Return on Average Assets rose to 1.8 per cent (1.6 per cent in 2000), and Capital Adequacy ratios recorded 17 per cent (16.4 per cent in 2000). Shareholders' equity grew by 31.2 per cent to reach USD 76 million.

Total balance sheet rose from USD 769 million to USD 804 million realizing a growth by 4.5 per cent. Customers deposits including cash margin reached USD 606 million (USD 573 million in 2000), Credit facilities recorded a growth of 24 per cent to reach USD 335 million (USD 270 million in 2000). Credit portfolio was expanded and diversified. The Bank was very active in syndicated loans and was the leader and arranger of many large, medium and long term loans provided to major corporate and institutional clients.

Mr. Kabariti praised the growing confidence of shareholders and customers in the management of the Bank and pointed to the accelerating growth trend, the Bank is maintaining since 1997.

Mr. Kabariti added that the advanced technological infrastructure of the Bank has helped in expanding its service delivery channels electronically and through branches network. An International Banking Unit in Cyprus was opened in late May 2001,and a representative office, co-owned by JKB and Tunis International Bank, was opened in Algiers later in August.

In sum, the results and achievements realized in 2001 have added new elements of strength and safety and solidified JKB's capital base and its fiscal position to a degree that enhanced the Bank's ability to move ahead into a new phase of development.