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KIB reports KD 6.2 million in net profits for Q1 2019

KIB reports KD 6.2 million in net profits for Q1 2019

KUWAIT: Sheikh Mohammed Jarrah Al-Sabah, Chairman of Kuwait International Bank (KIB) announced that the Bank recorded a net profit attributable to shareholders of KD 6.2 million at the end of the first quarter of 2019, mainly contributed by increase in financing income accompanied by an effective cost optimization. The financing income increased by 20 percent, or by KD 4 million, reaching approximately KD 24.6 million compared to KD 20.5 million during the first quarter of 2018.

Additionally, KIB’s total assets increased by approximately KD 272 million or 14 percent to reach approximately KD 2.25 billion compared to KD 1.98 billion as at 31 March 2018.. The growth in total assets was a result of a growth in the overall financing portfolio of approximately KD 282 million to reach KD 1.63 billion, which is an increase of 21 percent compared to KD 1.35 billion for the same period of last year.

Moreover, depositors’ account increased by approximately KD 86 million or 7 percent to reach KD 1.37 billion as of 31 March 2019 compared to KD 1.28 billion as at 31 March 2018.

NPL ratio at 1.04 percent

KIB significantly improved all its asset quality matrices, achieving an NPL ratio of 1.04 percent. Total provision and collateral coverage was 331 percent at 31 March 2019. Al-Jarrah added that the distributions to depositors’ accounts registered a consistent growth whereby the annualized return at the end of the first quarter of 2019 on Al-Boushra (KD) three-year deposits was 3.7 percent and Arzaq (KD) deposit increased to 3.5 percent during Q1 2019. On the other hand, the savings investment account (KD) achieved a return of 2.1 percent per annum for the first quarter of 2019, with a quarterly profit distribution reflecting the bank’s performance.

Al-Jarrah stated that KIB’s consistent financial performance reflects its strong growth in a number of business areas, in line with its newly implemented strategy. KIB’s new strategy implementation is forging ahead, taking the customer banking experience to the next level and delivering much more than just ‘banking’ in the traditional sense.

Al-Jarrah added: “At KIB, we always strive to meet the ever-changing needs of our customers. For this reason, we adopt cutting-edge technology and digital solutions that are accessible at any time and any place to truly satisfy our customers.”

In recognition of its remarkable achievements, KIB has garnered many prestigious local, regional and international awards that stood as a testament to the Bank’s robust performance and stellar reputation within the banking industry.

One of the most notable achievements was receiving the ‘Best CSR Business Model – GCC 2018’ award from World Finance. In addition, ‘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. The Bank was also awarded ‘Best Sharia-compliant Bank in MENA’ and ‘Fastest Growing Islamic Bank MENA’ from Capital Finance International (CFI.co).