Jordan Kuwait Bank announces H1 2006 financial results

Mr. Abdel Karim Kabariti, chairman & CEO said in a statement today that the bank's results for the first half of 2006 were impressive and surpassed 2005's strong and unprecedented achievements in every aspect of our business.

Total assets stood at US$ 2,164 million an increase of US$ 176.3 million, representing a 9 per cent growth over December 2005 and 727.2 million or 51 per cent growth compared with the same period of last year. Direct credit facilities (net) also increased by US$ 284.2 million to reach US$ 1,256 million, a remarkable growth of 29 per cent over the end of 2005, and a 78 per cent over the end of June last year.

Customers' deposits reached US$ 1.3 billion a growth of 13.1 percent compared to its position at the end of 2005, and 45 per cent compared to the same period last year.

Mr. Kabariti announced that net profit (after tax) pertaining to the Bank's shareholders amounted to US$ 29.8 million an impressive 65 per cent growth over that of the same period last year. Income tax for the period was estimated to be around US$ 12.9 million.

These profits, as was the case in 2005, were accomplished mainly from the bank's core business activities and its banking operations. This is indicated by the 85 percent growth in net interest and commission which reached US$ 47.7 million on June 30, 2006.

Chairman Kabariti pointed to a number of structural changes that the bank has adopted during the first half of this year. The most important of which was reinforcing the retail services and products aiming at increasing the bank's market share in this growing sector.

He pointed also to the newly established private banking department which will provide specialized services and products of retail, corporate, and investment activities to meet the needs of the bank's high net worth customers.

'We are committed to remain the trusted partner and adviser to our clients and to deliver added value to all our stakeholders, capitalizing always on our sound expertise and reliable capabilities," Kabariti concluded.