Earnings per share clocks 12.82 fils
KUWAIT CITY, July 24: Kuwait International Bank (KIB) reported a net profit of KD 12 million attributable to shareholders and earnings per share at 12.82 fils for the first half of 2018. Net profit increased by 10% compared to similar period last year.
Total financing income witnessed a robust growth of 22% to reach KD 42.5 million compared to KD 34.7 million in first half of 2017, contributing to the increase of total operating income by 13% to reach KD 34.5 million compared to KD 30.7 million in 2017. KIB’s total assets witnessed a growth of 10% to reach KD 2.1 billion, as compared to the same period of last year.
The Bank’s financing portfolio also increased by 14%, or by KD 192 million, to reach KD 1.5 billion compared to the same period of last year. Moreover, the Bank’s investment portfolio increased by 21% to reach KD 151 million. On this occasion, Chairman of KIB, Sheikh Mohammed Jarrah Al- Sabah, stated that KIB continues to follow its new customer-centric strategic direction, focusing on offering a next-level customer experience.
As a result, depositors’ account increased by 11% (KD 124 million) to reach KD 1.3 billion, compared to KD 1.2 billion in the same period last year. Al-Jarrah also pointed out that distributions to depositors’ registered a consistent growth whereby the annualized gross return at the end of the second quarter of 2018 on Al Boushra (KD) three-year deposits was 3.35% and Arzaq (KD) deposit increased to 2.75%. Similarly, the savings investment account (KD) achieved a net return of 1.65% per annum in Q2 2018.
Commenting on the robust financial results, Al-Jarrah said: “KIB is implementing its new strategic transformation: a comprehensive and long-term program which is aimed at transforming the way KIB engages with customers across every touch point, whether through e-communication or face-to-face. This new strategy focuses on offering a next-level customer experience that delivers much more than just ‘banking’ in the traditional sense – but rather establishes KIB as a partner in every aspect of its customers’ lives; a true ‘Bank for Life’.” With this theme, KIB launched its new brand during the second quarter.
Al-Jarrah noted that this newly implemented strategy seeks to revolutionize the KIB customer experience and improve service levels. In turn, this change will reflect positively on the Bank’s overall financial performance and in attracting a series of notable achievements and awards. Al-Jarrah also pointed out that KIB received a slew of awards during the first half of 2018, including the “Best Customer Acquisition in GCC” award for the year 2017 by World Finance. The Bank was also recognized at the 2018 Cybersecurity Excellence Awards forum.
Most recently, the Bank was awarded ‘Best Customer Acquisition in Kuwait’ for the year 2018 by CPI Financial. KIB was also recognized by the Bahrain Society for Social Responsibility for its active role in driving positive change and supporting sustainable development programs and social responsibility projects in 2017. Kuwait International Bank (KIB) is a bank that operates according to the Islamic Shari’ah, based in the State of Kuwait.
Incorporated in 1973, and originally known as Kuwait Real Estate Bank, KIB made the transition to its current Islamic operating model in 2007. KIB is a full service Bank operating through a network of branches spread across the State of Kuwait, and offering a broad range of banking products, services and solutions in accordance with the principles of the Islamic Shari’ah. The Bank’s mission and vision also encompasses a leading social responsibility program that aims at supporting every member of Kuwait’s society by spearheading a multitude of initiatives and activities.
In 2015, KIB embarked on a comprehensive strategic plan, aimed at improving the Bank’s performance indicators, as well as enhancing the quality of its products and services. The strategy focuses on propelling the Bank to the forefront of the Kuwaiti banking sector and setting it on a solid path to becoming the “Islamic Bank of Choice” in the market.
Today, KIB is in the midst of its new strategic transformation: a comprehensive and long-term program which is aimed at transforming the way KIB engages with customers across every touch point and communication channel. This new strategy focuses on offering a next-level customer experience that delivers much more than just “banking” in the traditional sense – but rather establishes KIB as a partner in every aspect of its customers’ lives; a true “bank for life”.