Profit statements

KIB reports net profit of KD 3.2 million in the first half – ARAB TIMES

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KUWAIT CITY, July 30: Kuwait International Bank (KIB) has announced its financial results for the first six months of this year, ending June 30, 2022; where the Bank realized a net profit attributable to shareholders of KD 3.2 million, achieving a growth of 43%. The EPS was 0.53 fils. By 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 at the end of the first six months of the year, from 2.12 billion KD at the end of the same period last year. , achieving a growth of 23%.

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

This supported the 22% increase in the Bank’s total assets, which reached nearly KD 3.52 billion as of June 30, 2022, from nearly KD 2.89 billion at the end of the same period l ‘last year. Commenting on the Bank’s results, KIB Chairman Sheikh Mohammed Jarrah Al Sabah noted that the growth of all financial indicators has reflected positively on the Bank’s financial statements. “As a bank, we continue to implement an innovation-driven transformation strategy that aims to achieve continued sustainable growth. As a result, we continue to achieve the objectives set out in each pillar of our strategy by building on the more advanced and developed business model we have put in place. Our vision is forward-looking and our approach is agile, as we seek to respond dynamically to all rapid changes in local and regional markets. Al Jarrah also noted that KIB’s investment securities portfolio increased (which mainly included high quality Sukuk) by KD 57 million (24%), reaching nearly KD 298 million at the end of the first half. of the year, compared to 241 million KD at the end of the first half of last year. According to Al-Jarrah, this increase has contributed to achieving a key strategic objective for the Bank: the development and expansion of its financing and investment activities at the local, regional and international levels.

“From the beginning at KIB, we have ensured that we have strong operational policies and practices in place to ensure prudent risk management on all possible fronts, to ensure the sustainable growth of our business and the continuity of its operations – cost-effectively and efficiently – to best deliver value to our shareholders and depositors,” Al-Jarrah added. For his part, KIB Vice Chairman and CEO Raed Jawad Bukhamseen noted that the results of the first KIB’s half of 2022 depicted significant growth in deposits KIB’s depositor accounts grew remarkably by KD 512 million, growing 29% to nearly KD 2.29 billion as of June 30, 2022, from 1 .78 billion KD as of June 30, 2021. Bukhamseen noted that shareholders’ equity reached KD 246 million, while KIB continued to successfully maintain an adequate level of pro funds adequacy ratio. pres in accordance with CBK and Basel III standards. This was reflected in the capital adequacy ratio of 16.6% at the end of the first half of 2022, exceeding minimum regulatory requirements

Credit Evaluation
Continuing to talk about the results, Bukhamseen, noted that KIB’s credit ratings reflect the strong financial performance and position of the Bank. He reiterated that KIB’s Long-Term Issuer Default Rating (IDR) has been affirmed by Fitch Ratings at ‘A’, and the Viability Rating (VR) at ‘bb-‘, with a stable outlook in the context of the main rating indicators. Concluding their statements, Al Jarrah and Bukhamseen stressed that the Executive Management of KIB is committed to improving the Bank’s operating environment and performance, with a focused, comprehensive and long-term strategy in place covering all aspects of the business. As part of this strategy, the Bank is focusing on the development of its technological infrastructure and the digitization of its basic offer to offer a resolutely modern banking experience.

Additionally, KIB is committed to investing in its human capital as a core priority, with immersive training and development strategies deployed to upskill its employees and develop the quality of talent in the local banking industry. On the other hand, KIB continues to focus on being an active corporate citizen, actively contributing to social development, through its community commitments and initiatives. The Bank is constantly seeking to broaden the scope and mandate of its social accountability program, focusing its efforts to ensure an inclusive approach to social, environmental, humanitarian and national development. In this context, sustainability has become a key pillar for KIB, firmly embedded in 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 adhere to the United Nations Charter.

A statement of gratitude
Al Jarrah and Bukhamseen both praised the efforts of the entire KIB team and thanked them for their efficient and reliable contribution to achieving positive results from the bottom up, and thanked the Central Bank of Kuwait for its continued support and permanent, praising their prominent supervisory role. They also thanked the KIB Board of Directors and its management team for their continued support and guidance to enhance the KIB brand presence, locally and regionally.