KIB reports KD 2.45 million in net profits for 1Q 2022
21% growth in total assets Financing portfolio exceeding KD 2.4 billion
KUWAIT: Kuwait International Bank (KIB) continues to cement its footprint as a leading organization in the banking and financial sector, maintaining its growth across its key financial indicators and preserving the stability of its financial returns by achieving sustainable results - while strengthening its financial position. The bank has announced its financial results for the first quarter of 2022, achieving KD 2.45 million of profit attributable to the shareholders and EPS of 2.31 fils.
Commenting on these results, KIB Chairman Sheikh Mohammed Jarrah Al-Sabah stated that the financial statements have registered 21 percent growth in the Bank’s assets, reaching KD 3.40 billion, compared to KD 2.81 billion at the end of March 2021. This growth was the result of an increase in the size of the financing portfolio by KD 426 million to reach KD 2.42 billion by end of March 2022, compared to almost KD 2 billion at the end of March 2021, achieving a growth of 21 percent.
Additionally, KIB’s investment securities portfolio grew (mainly high-level sukuk) by KD 98 million, reaching to almost KD 300 million by end 1Q 2022, compared to KD 201 million during the first quarter of 2021. Al-Jarrah noted that this has contributed to achieving some of KIB’s strategic objectives, related to the development and expansion of its financing and investment activities on local, regional, and international levels.
Al-Jarrah also mentioned that KIB’s executive leadership succeeded in adopting an integrated strategy for the next four years, which aims to build a more advanced and fully developed business model. “Our corporate vision to become the Islamic bank of choice in Kuwait is based primarily on adapting to the rapid changes in the local and regional markets, while promptly responding to its everchanging requirements and predicting its future developments. We also strive to stay customer-focused at all times, utilizing every resource to meet and/or exceed client expectations,” added Al-Jarrah.
In this context, Raed Jawad Bukhamseen, Vice Chairman and CEO of KIB, said that the financial results achieved by KIB from January to March 2022 reflects on the successful performance of its Executive team and the employees in implementing the Bank’s strategic initiatives and plans. Referring to Fitch’s latest credit ratings, Bukhamseen reiterated that KIB’s Long-term Issuer Default Rating (IDR) has been affirmed at ‘A’, and viability rating (VR) at ‘bb-’, with a stable outlook.
Commenting on the interim financial statements for the first quarter of 2022, Bukhamseen pointed that in addition to the growth in total assets, financing portfolio, investments securities and net profits, the KIB’s depositors’ accounts also witnessed a remarkable growth grew by KD 418 million, a growth of 24 percent to reach KD 2.15 billion by 31 March 2022, compared to KD 1.73 billion by 31 March 2021, while the shareholders’ equity reached to KD 258 million.
Bukhamseen also stated that KIB was able to continue maintaining adequate level in regards capital adequacy ratio in accordance with Basel 3 standards, which was reflected in the capital adequacy ratio to reach 17.85 percent by end of Q1 2022, exceeding the minimum levels required by the Central Bank of Kuwait. Bukhamseen continued to affirm KIB’s commitment to providing an exceptional banking experience, offering financial services and products in accordance to the highest of industry standards. “The Bank has been keen on strictly adopting modern financial technologies, aiming to digitize most of its operations - based on its advanced technological infrastructure. We seek to constantly offer financing and banking solutions
driven by innovation within all of our sectors including retail, corporate, real estate, as well as SME’s” he added. Concluding their statements, both Al-Jarrah and Bukhamseen lauded their team’s dedicated efforts and their contribution in achieving these optimal results. They also expressed their appreciation to board members, as well as the executive team for their continuous support and guidance in order to advance the presence of the KIB brand further, locally and regionally.