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Sheikh Mohammad Al-Jarrah, Chairman of KIB
KIB net profit soars to KD 8.9 mln in 1st half Assets grow 16 pct to KD 1,606 million

KUWAIT CITY, Aug 5: Sheikh Mohammad Al-Jarrah Al-Sabah, Chairman of Kuwait International Bank, announced that KIB’s net profit reached KD 8.9 million in the first half of 2014 compared to KD 6 million in the same period of 2013 with a remarkable increment of 48 percent. Operating profit before provisions amounted to KD 16.7 million, underscoring Sheikh Al-Jarrah’s assertion that KIB is succeeding in its strategic objectives to diversify its income and further penetrate markets. Increases in fees and commission income by 29 percent and other income by 83 percent for the comparative period were also posted.

Al-Jarrah pointed to a positive asset growth of 16 percent, where total assets grew to KD 1,606 million in the first half of 2014 compared to KD 1,382 million during the same period of 2013. KIB also reached a Capital Adequacy Ratio (CAR) of 25.43 percent according to the requirements of Basel 3, above the regulatory requirements of 13 percent. Return on Assets (ROA) reached 1.15 percent compared to 0.92 percent, with Return on Equity (ROE) amounting to 7.94 percent vs. 5.62 percent for the comparative period. Moreover, volume of customer deposits grew by approximately 9 percent and KIB’s financing portfolio increased by 17 percent for the comparative period.

According to Al-Jarrah, KIB continues to move forward with confidence as it provides the full array of banking services characterized by world-class standards, ease and convenience. KIB operates a growing network of 26 modern branches which enable the bank’s strong growth rates.

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