KIB reports KD 7.7mn net profit for Q1
Total operating income grows 9% to KD 17.3mn
KUWAIT CITY, April 22: Kuwait International Bank (KIB) reported a net profit attributable to shareholders of KD 7.7 million at the end of the first quarter of 2018. Net profit increased by 1.5 percent, or KD 0.1 million, as compared to the same period of last year.
In his statement, Chairman of KIB, Sheikh Mohammed Jarrah Al-Sabah, stated: “KIB’s improved financial performance at the end of the first quarter of 2018 reflected positively on key performance indicators, resulting in a significant growth in revenues. Total financing income increased by 23 percent, or by KD 3.8 million, reaching KD 20.5 million compared to KD 16.8 million during the first quarter of 2017. Total operating income increased by 9 percent, or KD 1.4 million, reaching KD 17.3 million compared to KD 15.9 million during the first quarter of 2017”.
Additionally, KIB’s total assets increased by KD 65 million or 3 percent to reach KD 1.98 billion compared to KD 1.91 billion in the same period last year. The growth in total assets was a result of a growth in the overall financing portfolio of KD 57 million to reach KD 1.4 billion, which is an increase of 4 percent compared to KD 1.3 billion for the same period of last year. Moreover, the Bank’s investment portfolio increased by 17 percent to reach KD 149 million, compared to the same period last year. Depositors’ account
Sheikh Mohammed Jarrah KIB Chairman
AlSabah,
increased by KD 88 million or 7 percent to reach KD 1.29 billion compared to KD 1.2 billion in the same period last year.
KIB continued to maintain its excellent performance as the high capital adequacy ratio (CAR) of reached to 18.4 percent as per within the framework of CBK regulations on Basel III, while the financial leverage ratio was 10.5 percent.
Distributions to depositors’ accounts registered a consistent growth whereby the annualized return at the end of the first quarter of 2018 on Al Boushra (KD) three-year deposits was 3.33 percent and Arzaq (KD) deposit increased to 2.73 percent during Q1 2018. On the other hand, the savings investment account (KD) achieved a return of 1.638 percent per annum for the first quarter of 2018, with a quarterly profit distribution reflecting the Bank’s success in achieving its profitability and diversification objectives.
Al-Jarrah added: “KIB’s strong performance and positive financial results at the end of the first quarter of this year reflect the robustness of its strategy, particularly admist challenges and votality in the market. Today, we are in the midst of a new strategic transformation: a comprehensive and long-term program which is aimed at transforming the way KIB engages with customers across every touch point and communication channel. This new strategy focuses on offering a next-level customer experience that delivers much more than just “banking” in the traditional sense — but rather establishes KIB as a partner in every aspect of its customers’ lives; a true “bank for life”.
Al-Jarrah noted that this newly implemented strategy seeks to completely revolutionize the KIB customer experience and improve service levels. In turn, this change will reflect on the Bank’s overall performance, profitability, assets, as well as its products and services. KIB has always recognized that change is not only inevitable, but a vital necessity. In today’s world, change is a must to ensure growth, development and sustainability — in individuals and organizations alike. For KIB, life is a journey of continuous evolution, and now today, the Bank is embarking on the next promising chapter of its own journey.