Kuwait International Bank (KIB) reported a net profit of KD 3.8 million (about USD 12.5 million) in the first nine months of the year, with a profit per share of 1.21 fils, said the bank on Sunday.
The total operating revenues amounted to KD 50 million (USD 165 million), as compared to last year’s figure of KD 49 million (USD 161.7 million, the bank’s chairman Sheikh Mohammad Jarrah Al-Sabah in a 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).
Investment income increased by 75 percent, while fee and commission income rose by 46 percent, respectively, he said, adding total assets recorded growth worth seven precent to reach KD 2.8 billion (USD 9.2 billion).
Source: Kuwait News Agency