February 12, 2015 / 10:58 AM / 3 years ago

Jordan-Kuwait Bank posts 5.8 pct rose in 2014 net profit

AMMAN, Feb 12 (Reuters) - Jordan-Kuwait Bank posted a 5.8 percent rise in 2014 net profit to 50.2 million dinars ($70.8 mln) on Thursday helped by a fall in non-performing loans and growth in corporate and retail banking.

The bank, majority owned by Kuwait’s Burgan Bank, said assets rose 2.6 percent to 2.6 billion dinars.

“We have improved the quality of our credit portfolio and reduced our non-performing loans,” Abdel Karim Kabariti, chairman of the board of the bank, said in a statement.

Jordan-Kuwait Bank’s total outstanding loan portfolio, stood at 1.3 billion dinars at the end of 2014. It gave no comparative figure.

Deposits rose to 1.75 billion dinars in 2014, up 4.9 percent.

Kabariti said the bank had dealt with some of its larger loans that were “weighing on its financial” position by rescheduling arrangements that “ensured the continuity of the project financing while securing more collateral”.

No figures were given on these loans. ($1=0.709 dinar) (Reporting by Suleiman Al-Khalidi; editing by Jason Neely)

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