Capital Intelligence upgrades Jordan Kuwait Bank rating
Jordan Kuwait Bank (JKB) was upgraded and assigned a BBB- by Capital Intelligence, the international bank analysis and rating firm. The upgrade coincides with JKB’s recent announcement of $6.25 in net profits at the end of June 2001.
Jordan Kuwait Bank (JKB) was upgraded and assigned a BBB- by Capital Intelligence, the international bank analysis and rating firm. The upgrade coincides with JKB’s recent announcement of $6.25 in net profits at the end of June 2001. In its first published rating report on Jordanian banks for the year 2000, CI found JKB as one of Jordan's best performing banks with financial profile consistently surpassed that of the majority of those banks.
The report highlighted some of the positive factors that constitute the foundations of the bank’s success, namely—proficient management, increasing profitability at both the operating and net income levels, rising liquidity due to growing customer deposit base, strong institutional shareholders and superior technological infrastructure.
Commenting on JKB’s positive results, Moh’d Yaser Al-Asmar, general manager of JKB told ITP.net, “The half-year results recorded a continuous appreciation in net profits and returns. The bank achieved marked success in implementing the latest development in International Banking, giving the bank a competitive edge, and improving its public image by confirming its position among the leading Arab Banks.”
The bank, which was founded in 1976 as Jordan’s fifth national commercial bank has evolved in recent years into a medium size player in the fragmented Jordanian banking system. A commercial bank in nature, JKB is also active in corporate finance, treasury and consumer lending. With the rationalisation programme successfully completed in 1999, JKB now operates on-line in real time. In July 2000, JKB became one of the first banks in Jordan to launch Internet banking.
The bank pioneered the introduction of the Internet Banking (Net Banker) services at the beginning of the second half of 2000. The bank’s customers can access their account balance, make transfers internally or to a third party, pay bills, place standing orders and request chequebooks and statements of accounts through their personal computers.
“Market reception to our Electronic Banking Services is very positive. According to our monthly follow up reports, number of services, subscribers and users rose to record a monthly growth rate of 12.4%, 19% respectively. While number of transactions used by our customers increased by 15%,” said Al-Asmar.