JKB Group achieves over $273mln net profit in financial results for 2024

Zawya

14-02-2025

Jordan Kuwait Bank (JKB) announced its financial results for 2024, demonstrating significant growth across various financial indicators. The bank recorded a notable increase in net profits, reaching JOD 194.3 million (KD 84.4 million), reflecting a rise of 115.8 % compared to the previous year.
These strong results highlight the group's robust financial position and extensive presence through a network of more than 60 branches across the Hashemite Kingdom of Jordan, in addition to a branch in Cyprus. The bank also holds ownership stakes in several companies within Jordan and abroad, including full ownership of Ejara Leasing Company, a 78.3% stake in United Financial Investments Company, a 53.4% shareholding in the Bank of Baghdad in Iraq.
According to the consolidated financial statements, the group achieved growth in total asset value to reach JOD 5.6 billion (KD 2.4 billion), an increase of 7.3% over the previous year, while equity rose to JOD 886.1 million (KD 385 million) by the end of the fourth quarter of 2024, marking a growth of 21.8%.
Deposits and cash insurance saw a growth of 7.3% to reach JOD 4.1 billion (KD 1.8 billion), while the total value of granted credit facilities amounted to JOD 2 billion (KD 870 million).
In light of these preliminary financial results, which are subject to the approval of the Central Bank of Jordan, the board of directors of Jordan Kuwait Bank has recommended a cash dividend distribution of 12% to shareholders for the year 2024.
Commenting on these results, Sheikha Dana Naser Sabah Al Ahmad Al Sabah, Chairperson of the Bank's Board of Directors, expressed her deep appreciation to the bank's customers and shareholders for their continued trust. She also extended gratitude to the regulatory authorities in Jordan, Iraq, and Cyprus for their ongoing support of the bank and its subsidiaries.
She praised the Board of Directors, Executive Management and employees for their outstanding performance, which has propelled the group to its prestigious position. She emphasized that the bank's comprehensive strategy — encompassing banking, investment, technology, and administration — was a key driver in achieving these impressive results.
Meanwhile, the Bank's CEO, Mr Haethum Buttikhi, affirmed that the exceptional achieved figures and high growth rate were accompanied by the bank's strong financial position. He highlighted that JKB maintained its solid regulatory capital adequacy, which stood at 20.7% and successfully increased all provision ratios corresponding to credit exposures, ensuring resilience against potential risks.
Mr Al Buttikhi concluded by commending the efforts of the Central Bank of Jordan, under the leadership of Governor Dr Adel Sharkas, for its continued support of the Jordanian banking sector. He credited the Central Bank's prudent policies and forward-looking vision as instrumental in the sector's progress and stability.
Additionally, he expressed appreciation to the Securities Commission, the Amman Stock Exchange, and all regulatory authorities in Jordan and Iraq for their collaboration and support. He also extended his gratitude to the bank's customers and shareholders for their trust, as well as to the bank's administrators and employees for their dedication and hard work in serving the institution.
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