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Saturday , December 3 2022

KIB reports KD 3.2 mln H1 net profit

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KUWAIT CITY, July 30: Kuwait International Bank (KIB) announced its financial results for the first six months of this year, ending on 30 June 2022; where the Bank achieved KD 3.2 million net profit attributable to the shareholders, achieving a growth of 43%. EPS was 0.53 fils. Maintaining the quality and increasing the value of its assets, KIB’s financing portfolio grew by KD 482 million to reach KD 2.60 billion by the end of the first six months of the year, compared to KD 2.12 billion at the end of the same period last year, achieving a growth of 23%.

Sheikh Mohammed Al-Jarrah Al-Sabah, KIB Chairman and Raed Bukhamseen, Vice-Chairman and CEO of KIB

This supported the Bank’s increase in total assets by 22% which reached almost KD 3.52 billion as of 30 June 2022 compared to almost KD 2.89 billion at the end of the same period last year. Commenting on the Bank’s results, KIB’s Chairman, Sheikh Mohammed Jarrah Al Sabah noted that the growth across all financial indicators refl ected positively on the Bank’s financial statements. “As a Bank, we continue to implement a transformative, innovation-focused strategy that aims to achieve continuous sustainable growth. As a result, we continue to achieve the objectives outlined across every pillar of our strategy as we build on the more advanced and fully developed business model we have put in place. Our vision is future-focused and our approach is agile, as we seek to respond dynamically to all the fastpaced changes in the local and regional markets.” Al Jarrah also noted that KIB’s investment securities portfolio grew (which included primarily high qual-ity Sukuk) by KD 57 million (24%), reaching almost KD 298 million by the end of the first half of the year, compared to KD 241 million by the end of last year’s first half. According to Al-Jarrah, this increase has contributed to achieving a key strategic goal for the Bank: the development and expansion of its financing and investment activities on local, regional, and international levels.

“Since the beginning at KIB, we have made sure to put in place solid policies and operational practices to ensure prudent management of risk across every possible front, to ensure the sustainable growth of our business and the continuity of its operations – profitably and efficiently – to best deliver value to our shareholders and depositors.”, added Al-Jarrah. On his part, KIB’s Vice-Chairman and CEO, Raed Jawad Bukhamseen, noted KIB’s first half results for 2022 outlined significant growth in deposits. KIB’s depositors’ accounts witnessed a remarkable growth of KD 512 million, a growth of 29% to reach almost KD 2.29 billion by 30 June 2022, compared to KD 1.78 billion by 30 June 2021. Bukhamseen noted that shareholders’ equity reached KD 246 million, while KIB continued to successful maintain adequate level of capital adequacy ratio in accordance with CBK and Basel III standards. This was refl ected in the capital adequacy ratio of 16.6% by end of 1H 2022, exceeding the minimum regulatory requirements

Credit rating
Continuing to speak about the results, Bukhamseen, noted that KIB’s credit ratings refl ect the Bank’s solid financial performance and standing. He reiterated that KIB’s Long-term Issuer Default Rating (IDR) has been affirmed by Fitch Ratings at ‘A’, and viability rating (VR) at ‘bb-’, with a stable outlook within the context of key rating indicators. Concluding their statements, both Al Jarrah and Bukhamseen stressed that KIB’s executive management is committed to improving the Bank’s operational environment and performance, with a focused, comprehensive, and long-term strategy set in place covering all aspects of the business. Under the umbrella of this strategy, the Bank is focused on developing its technological infrastructure and digitizing its core offering to offer a thoroughly modern banking experience.

Furthermore, KIB is dedicated to investing in its human capital as a core priority, with immersive training and development strategies being rolled out to upskill its employees and develop the quality of talent in the local banking sector. On the other hand, KIB continues to be focused on being an active corporate citizen, actively contributing to social development, through its community engagements and initiatives. The Bank constantly seeks to expand the scope and mandate of its social responsibility agenda, focusing its efforts to ensure an inclusive approach to social, environmental, humanitarian, and national development. Within this context, sustainability has become a key pillar for KIB, firmly embedded into its organizational fabric and internal practices – in line with its Environmental, Social, and Governance (ESG) policies and its commitment to the United Nations Global Compact, after KIB became the first and only bank in Kuwait to have acceded to the United Nations Charter.

A statement of gratitude
Al Jarrah and Bukhamseen both lauded the efforts of the entire team at KIB, and thanked them for their effective and reliable contribution to achieving positive results in an upward manner, and thanks to the Central Bank of Kuwait for its continuous and permanent support, praising their distinguished supervisory role. They also thanked KIB’s Board of Directors and its Executive Management team for their continuous support and guidance in order to enhance the presence of the KIB brand, locally and regionally.

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