KIB posts KD 17 mln net profit in ’19

KUWAIT, Feb 3 (KUNA) Kuwait International Bank (KIB) reported a net profit of KD 17 million (about USD 56 million) in 2019 with a profit per share of 15.01 fils, said the bank Monday.

The total operating revenues amounted to KD 69 million (USD 227.7 million), while the assets grew by 24 percent and valued at KD 520 million (USD 1.7 billion) to reach KD 2.6 billion (USD 8.8 billion), said the bank’s board chairman Sheikh Mohammad Jarrah Al Sabah in a press statement.

He attributed the bank’s increase in assets to the growth in the size of the financing portfolio by about KD 260 million (USD 858 million) to reach KD 1.87 billion (USD 6.1 billion), a rise of 16 percent, in addition to the increase in the investment portfolio by KD 74 million to reach KD 180 million (USD 594 million).

Sheikh Mohammad stated that the financing income increased by KD 14 million (USD 46.2 million) to KD 103 million (USD 340 million), and investment income increased by about KD 2.5 million (USD 8.2 million) to reach KD 1.4 million (USD 13.5 million).

Al Jarrah pointed out that the bank’s board of directors decided to recommend a cash dividend of seven percent of the par value of the share (seven fils per share) in addition to the distribution of bonus shares of 5 percent of the issued and paid up capital (five shares per 100 shares).

This recommendation is subject to the approval of the general assembly of the bank’s shareholders and the competent authorities, he added.

For his part, Vice Chairman and CEO of the bank Raed Bukhamseen said that the bank has become a key element in issuing high quality bonds in the region.

KIB was established in 1973 and was listed on the Kuwait Stock Exchange in 1984. It engages in all banking, financing and investment transactions in accordance with the provisions of Islamic Sharia.

Source: Kuwait News Agency