LOC18:27
15:27 GMT
KUWAIT, Oct 29 (KUNA) -- Kuwait International Bank (KIB) reported KD 13.5 million (USD 44.5 million) net profits at the end of the 2017 third quarter, including 14.42 fils earnings per share.
The bank witnessed 5 percent growth in its overall financing portfolio, representing a KD 60 million increase to KD 1.3 billion, compared to KD 1.25 billion at this time last year, it said in a statement.
Furthermore, the bank's investment portfolio increased by 18 percent to reach KD 84 million.
Meanwhile, customer deposits increased by 5 percent to reach a total of KD 1.2 billion, compared to KD 1.1 billion last year, representing KD 51 million growth, added KIB.
Commenting on the results, KIB Chairman Sheikh Mohammed Jarrah Al-Sabah said the bank's strategy aims at achieving an "all-inclusive improvement on all levels, focusing primarily on developing our Islamic banking offerings."
Incorporated in 1973 as the Kuwait Real Estate Bank, Kuwait-based KIB made the transition to an Islamic Sharia operating model in 2007. (end)
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