jordan pulse -

Jordan Kuwait Bank announced its business results for the year 2023, and Mr. Nasser Al-Louzi, Chairman of the Board of Directors, stated that the bank achieved net profits after tax of 90 million dinars, registering an exceptional growth of 380% compared to the year 2022, while the profits before tax at the end of last year amounted to about 121.6 million dinars, compared to 27.3 million dinars in 2022, with a growth of 344.8%, and in view of these good results, the Board of Directors decided to recommend to the General Assembly of shareholders to distribute cash dividends of 8% of the capital. He pointed out that the financial statements for the year 2023 and the recommendation to distribute the profits are subject to the approval of the Central Bank of Jordan and the General Assembly of shareholders.

This growth in the profits of the Jordan Kuwait Bank is a strong indicator of the strength of its financial position, the effectiveness of its strategy in regional expansion with its investments, and its commitment to providing the best banking services to its customers.

The preliminary financial results showed a significant increase in many of the bank’s main financial indicators, as total assets increased from 3.6 billion dinars in 2022 to 5.2 billion dinars in 2023, with a growth rate of 48%, and direct credit facilities net increased from 1.9 billion dinars in 2022 to more than 2 billion dinars in 2023, with a growth rate of 4%.

The financial results also showed an increase in customer deposits and cash guarantees from 2.9 billion dinars at the end of 2022 to 4.1 billion dinars at the end of 2023, with a growth rate of 42%, and equity also increased by 52.3% to reach 727.5 million dinars, compared to 477.6 million dinars at the end of 2022.

The bank’s management continued its policy of enhancing provisions for expected credit losses for financial assets as a hedge for the potential weakness in some accounts, in addition to the impact of some sectors by the current and potential repercussions on the national and regional economy, where more than 64.5 million dinars of income for the year 2023 were deducted for that purpose, compared to 33 million for the year 2022. The bank’s management also continued its efforts in the diligent follow-up of these accounts.

The performance Indicators and efficiency and operation standards recorded good rates, as the return on equity ratio recorded by the bank last year reached 16.5%, while the liquidity coverage ratio reached 340%, and the capital adequacy ratio reached 19.35%, and all these rates fall within the upper levels of the international standard ratios. The bank’s share price also increased during 2023 by more than 53%.

In his comment on these results, Mr. Haitham Al-Batikhi, CEO of the Jordan Kuwait Bank, said: “We are proud and proud of the exceptional achievements that the Jordan Kuwait Bank achieved at the end of last year, and these results are the fruit of diligent efforts from the entire work team, and our steadfast commitment to providing the best banking services to our valued customers.”

Al-Batikhi affirmed the bank’s commitment to support all production and investment sectors that contribute to moving the wheel of the national economy, and said: “We believe in the importance of our role in enhancing sustainable development and creating new job opportunities, in recognition of the challenges facing the national economy at the present time, and which we work hard to contribute to alleviating the consequences of these conditions by providing innovative financing solutions and supporting small and medium enterprises,” appreciating the role of the Central Bank of Jordan in supporting the banking sector and enhancing its stability.

At the end, Mr. Nasser Al-Louzi, Chairman of the Board of Directors, expressed his thanks and appreciation to all the bank’s shareholders and customers for their trust, and to the members of the Board of Directors, the executive management, the bank’s employees and the regulatory authorities in Jordan, Iraq and Cyprus for their continued support, affirming the bank’s commitment to continue working hard to achieve more successes and achievements for the bank and to contribute to the development of the national economy.