During its regular annual meeting held virtually on thursday the 25th of april, the General Assembly of Jordan Kuwait Bank approved the Board of Directors’ decision to distribute JOD 12 million, which represents 8% of the capital, as cash dividends to shareholders.

The meeting, which was headed by the Chairperson of the Board of Directors, Sheikha Dana Nasser Sabah Al-Ahmad Al-Sabah, was attended by several members of the Board of Directors, the Companies Controller, H.E Dr. Wael Al-Armouti, and representatives from the Central Bank of Jordan, the Social Security Investment Fund, and the bank’s external auditors, Pricewaterhousecoopers. The General Assembly also approved the bank’s financial statements and the Board of Director’s report for the fiscal year 2023, along with the future work plan and its approval.

Sheikha Dana Al-Sabah expressed her pride in the distinguished financial results achieved by Jordan Kuwait Bank at the end of the year 2023, noting that the bank’s executive management, under the guidance and supervision of the Board of Directors, continued to successfully implement the bank’s general strategy. This has enabled the bank to demonstrate its distinction and ability to adapt and grow by leveraging economic and geopolitical challenges into opportunities with high added value for the bank’s investors, shareholders, and customers.

Sheikha Al-Sabah noted that Jordan Kuwait Bank showed strength in its financial performance, as well as the sensible management of risks and strategic investments contributed to achieving positive financial results, with significant and noticeable improvement in profits and an increase in its total assets.

The bank achieved exceptional growth in its net profits last year, which increased by 380% compared to 2022, reaching JOD 90 million. Profits before tax at the end of last year were approximately JOD 121.6 million, compared to JOD 27.3 million in 2022, a growth of 344.8%.

Haethum Buttihki, CEO of Jordan Kuwait Bank, explained that prudent management and a forward-looking approach have enabled the bank to achieve positive financial results across all operational indicators, which consolidated its position and financial solidity.

He further noted that the bank’s total assets increased by 48% by the end of last year, reaching JOD 5.2 billion, compared to JOD 3.6 billion at the end of 2022. Direct credit facilities grew by 4% last year to record JOD 2 billion, compared to JOD 1.9 billion the previous year. Total customer deposits and cash reserves at the end of 2023 surpassed JOD 4 billion, compared to JOD 2.9 billion in 2022 — a growth of 42%.

Meanwhile, total equity also increased to about JOD 727.5 million at the end of 2023, compared to JOD 477.6 million in 2022, a growth rate of 52.3%, and the shareholders' equity in the bank amounted to about JOD 614.7 million.

Buttihki also highlighted the achievements of Jordan Kuwait Bank over the past year, which included receiving several regional and international awards.

During the conclusion of the General Assembly meeting, Sheikha Al-Sabah extended her deep appreciation to the Governor of the Central Bank of Jordan, Dr. Adel Sharkas, and his team, along with the Securities Commission and its staff, for their dedicated efforts in fostering a conducive environment for the growth and prosperity of Jordan's banking and corporate sectors. She also commended the bank's employees for their crucial role in achieving these impressive results.

Sheikha Al-Sabah further expressed her appreciation to the shareholders and customers for their steadfast trust and support, affirming that Jordan Kuwait Bank will continue working towards advancing its strategic objectives. These goals focus on strengthening the bank's financial stature and enhancing profit growth within a robust risk management framework, aligned with the regulatory standards governing the banking industry.