Jordan Kuwait Bank announced its financial results for the first half of 2024, with the group registering net profits of approximately JOD 90.5 million, marking an 84.8% increase compared to the same period in the previous year. The bank’s financial position saw a growth of about 6.9%, bringing total assets to JOD 5.6 billion by the end of the period.
On this occasion, Her Excellency Sheikha Dana Al-Sabah, Chairperson of the Bank’s Board of Directors, stated, “Despite the geopolitical repercussions the world is witnessing and their impact on the economy, we are able to achieve our strategic goals and translate them into tangible results that are reflected in the volume of profits and the strength of the financial position.”
The bank’s CEO, Haethum Buttikhi, explained that “During the first half of 2024, Jordan Kuwait Bank Group achieved sustainable growth in profits by focusing on diversifying revenue sources and optimally leveraging available funds for safe asset growth, thereby achieving the best returns.” Buttikhi further emphasized the bank’s prudence in maintaining a hedging approach by building more provisions against any future credit losses. He highlighted key financial indicators, noting that total assets exceeded JOD 5.605 billion, with equity reaching JOD 804 million. Meanwhile, the return on equity stood at about 23.6%, and the capital adequacy ratio reached 21.48%. “Jordan Kuwait Bank Group will continue to strive to serve its customers and provide a unique banking experience,” added Buttikhi.
In her concluding remarks, Sheikha Dana Al-Sabah expressed her gratitude to the bank’s customers and shareholders for their unwavering trust. She also thanked the regulatory authorities in Jordan, Iraq, and Cyprus for their ongoing support of the bank and its subsidiaries, and acknowledged the contributions of the Board of Directors, executive management, and all employees, whose exceptional performance has elevated the group to this prestigious standing.