Kuwait International Bank (KIB) has seen its nine-month (9M) net profit attributable to shareholders soar by 72% to KD6.8 million ($22 million) compared to 2022, with earnings per share (EPS) standing at 3.27 fils.

Total operating income rose by an impressive 12% year-on-year (YoY) to reach KD52.5 million compared to KD46.7 million.

KIB’s financing portfolio hit KD2.48 billion. Meanwhile, its investment securities portfolio, which primarily concentrated on high-quality Sukuk, stood at KD308 million, while total assets reached KD3.41 billion.

Keeping pace

KIB Chairman Sheikh Mohammed Jarrah Al Sabah said: “KIB has turned in another good financial performance, demonstrating good growth momentum. Now, more than ever, we remain committed to offering the best, top-notch customer experience, in addition to providing a comprehensive suite of products, services, and solutions that meet the varied needs and aspirations of our diverse customer segments. At the same time, we continue to keep pace with the latest trends and technological developments shaping the banking sector, locally and internationally, to remain relevant in an increasingly competitive industry, while ensuring that we provide added value to our shareholders.”

Al-Jarrah added: “Driven by our slogan’s promise of being a ‘Bank for Life’, we strive to continue bolstering our financial standing by achieving significant progress across our entire business operations, from retail banking to real estate to corporate banking. This entails earnest efforts and collaboration between all departments as we remain steadfast in implementing our transformative, innovative-focused strategy.”

Total shareholder equity

Raed Jawad Bukhamseen, Vice Chairman and CEO of KIB, revealed that the bank’s depositors’ accounts reached KD1.99 billion. Similarly, total shareholder equity grew by 29% to reach KD314 million, while KIB continued to maintain an adequate buffer of capital adequacy ratio, in accordance with Basel III and the Central Bank of Kuwait requirements. Accordingly, the total capital adequacy ratio stood at 19.7% at the end of this year’s third quarter.

Bukhamseen said: “As we continue striving to achieve sustainable growth and improve the bank’s performance, we remain focused on building a more flexible business model that fosters a culture of innovation, invests in digital infrastructure, and embraces new technologies. To this end, we continue to be driven by a strong belief in the importance of human capital development to sustain our competitive position in the market.” 

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