KIB achieves KD 12.8mn net profit for 9M 2019
Total assets rise 17% to KD 2.43 bln, depositors’ accounts increase by 6%
KUWAIT CITY, Nov 17: Sheikh Mohammed Jarrah Al-Sabah, Chairman of Kuwait International Bank (KIB) announced that the Bank reported a net profit attributable to shareholders of around KD 12.8 million and earnings per share (EPS) of 13.18 fils at the end of the nine months of 2019 while registering total operating income of around KD 51.8 million.
KIB’s total assets increased by KD 353 million or (17%) to reach KD 2.43 billion compared to almost KD 2.08 billion for the same period of last year. The growth in total assets was a result of a growth in the overall financing portfolio of KD 205 million to reach almost KD 1.75 billion, which is an increase of 13% compared to KD 1.54 billion for the same period of last
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year. Moreover, Depositors’ account increased by almost KD 73 million or (almost 6%) to reach almost KD 1.38 billion as of 30 September 2019 compared to KD 1.30 billion for the same period of last year.
Al Jarrah added that the distributions to depositors’ accounts registered annualized return at the end of the third quarter of 2019 on Al Boushra (KD) three-year deposits of 3.7% and Arzaq (KD) deposit of 3.5%. Similarly, the savings investment account (KD) achieved an annualized return of 2.1% per annum for the third quarter of 2019, with a quarterly profit distribution reflecting the Bank’s performance. Profits were credited to depositors’ accounts upon announcement of the financial results.
Al-Jarrah also pointed out that, as a result of its current strategy, KIB continues to grow year after year. The Bank also aims at improving its customer service as well as meeting the changing needs of its customers by adopting the latest digital solutions that are easily accessible at any time and place.
He noted that this growth will help the Bank in achieving its strategic objectives, cementing its long-standing position as a leading Islamic Bank, building its trust and reputation on its proven track record, as well as its many growth opportunities.
On his part, Vice Chairman and Chief Executive Officer of KIB, Raed Jawad Bukhamseen, said that KIB’s $300 million Additional Tier 1 (AT1) Sukuk issuance during the 2nd quarter of 2019 reflected in the high capital adequacy ratio of 20% and financial leverage ratio of 12.7% as at 30 September 2019.
He further mentioned that, Fitch Ratings London, one of the leading global credit ratings agencies, has reaffirmed KIB’s Long-term Issuer Default Rating (IDR) at ‘A+’ and affirmed viability rating (VR) at “bb-” with a stable outlook on 30 September 2019. The stable outlook on KIB’s Long-term IDR reflects the outlook on the Kuwaiti sovereign rating. This latest credit rating reflects KIB’s exceptional standing, underscoring its financial performance and the strength of its strategy.
Bukhamseen concluded by saying: “Within the past year KIB has garnered a number of prestigious local, regional, and international awards further enhancing it’s already impressive collection of industry awards and recognitions. Like ‘Best Islamic Bank in Kuwait’ and Best Islamic Bank in the GCC” awards, as well as the ‘Excellence in Islamic Banking Products and Services’ award from the WUAB and “Best Customer Acquisition in Kuwait” from CPI Financial. Moreover, KIB earned the ‘Best Branding in Kuwait’ from CPI Financial. KIB was also awarded ‘Best Sharia-compliant Bank in MENA’ by Capital Finance International (CFI.co).