KUWAIT CITY, July 17: Kuwait International Bank (KIB) reported a net profit of KD 11 million with earnings per share (EPS) reaching 11.69 fils during the first half of 2017 while registering total operating income of KD 31 million.
Chairman of KIB, Sheikh Mohammed Jarrah Al-Sabah, noted that the Bank’s strong performance during the first half of 2017 reflected positively across its key performance indicators. Additionally, KIB’s total assets increased by 4%, to reach a total of KD 1.9 billion, compared to the same period last year. The Bank also witnessed a growth of 10%, an increase of KD 120 million, in the overall financing portfolio, to reach KD 1.3 billion, compared to KD 1.2 billion for the same period last year. While, Investment portfolio increased to reach KD 84 million, a growth of 18% compared to the same period last year
Customer deposits reached a total of KD 1.2 billion, compared to KD 1.1 billion registered at the end of same period in 2016, recording an increase of KD 48 million with a growth of 4%.
KIB also continued to report a high capital adequacy ratio of 19.7% computed in accordance with the Central Bank of Kuwait’s regulations concerning Basel III. The financial leverage ratio was 10.8% at the end of the first half of 2017.
Meanwhile, the annualized gross profit rate of Boushra (three years) and Arzaq Deposits in Kuwaiti Dinars reached 3.2187% and 2.68% respectively at the end of the second quarter of 2017. Additionally, the annualized profit rate of the Savings Account in Kuwaiti Dinars offered 1.608% at the end of the second quarter of 2017, which is among one of the highest rates offered on Savings Accounts in Kuwait.
Commenting on the financial results, Al-Jarrah noted that: “KIB’s strategic, conservative risk management practices and focus on major Islamic banking activities are the core of its operations, as these features are constantly reflected on financial indicators year after year.”
On his part, Al-Jarrah, added that KIB has continued to move forward with the implementation of its comprehensive strategic plan, which was launched two years ago. He further added, “With the Islamic banking sector in Kuwait becoming more competitive today than ever before, KIB has put in place a focused and precise strategy to bring about a complete and comprehensive transformation across our entire organization; enabling us to deliver on our customers’ needs and meet the demands of the market, as well as helping us achieve our growth and expansion goals in order to become “Islamic Bank of Choice in Kuwait”.”
Al-Jarrah also noted that the third phase of KIB’s strategic plan focuses on boosting the Bank’s competitive edge within the banking sector by successfully deploying the best in-class digital experience to customers.
In this sense, for the first time in Kuwait, KIB has recently launched the new visual telebanking service, Smartphone customers can now enjoy a distinctive banking experience replacing the traditional, automatic answer with visual response.
Speaking about the Bank’s success, Al-Jarrah concluded his statement by noting that the first half of 2017 saw KIB garner a slew of prestigious local, regional and international awards, adding to the Bank’s already impressive roster of awards and recognitions.
During the first half of 2017, KIB was presented the “Best Strategic Vision in Banking” award at the 2017 Arab Banks Awards & Commendations of Excellence ceremony, which was organized by the World Union of Arab Bankers (WUAB) in Beirut. Additionally, the Bank received the “Best Change Management — Kuwait” Award by The Banker Middle East. Moreover, the Bank’s Chairman, Sheikh Mohammed Jarrah Al-Sabah, was named “Islamic Banking Chairman of the Year” for 2017 by World Finance.
Most recently, KIB was also recognized by Forbes Middle East as one of the top 50 listed companies in Kuwait, at the annual Kuwait gala.