Jordan Kuwait Bank posted pre-tax profits for the first half of 2000 of JD 3.3 million ($4.5 million), up from JD 2.9 million ($4.1 million) in the same period of last year. Deposits rose to JD 302.8 million ($427.1 million) from JD 245.6 million ($346.4 million) in first-half 1999 and credit facilities were JD 177.7 million ($250.6 million), up from JD 160.7 million ($226.6 million) to June 1999.
Growth in deposits was helped by the bank’s decision to handle about JD 205 million ($289.1 million) in UN compensation payments to Jordanians for losses suffered during the Iraqi invasion of Kuwait in 1990. Total assets rose to JD 539.1 million ($760.3 million) from JD 358.1 million ($505.1 million). New moves at the bank include the purchase of a share in the local Arab Oriental Insurance Company and marketing through insurance services of its branch network. It has also launched a range of internet and mobile phone banking services.