KIB posts KD 15.5 mln in 9-month profits

KUWAIT, Oct 17 (KUNA) -- Kuwait International Bank (KIB) reported a net profit of KD 15.5 million (USD 51.5 million) attributable to the shareholders for the nine months ended 30 September 2018, compared to KD 13.5 million in the same period last year.
This has reflected positively on earnings per share (EPS) which also increased by 15 percent to reach 16.58 fils compared to 14.42 fils in the same period last year, KIB said in a release on Wednesday.
Total financing income registered growth of 21 percent to reach KD 64.9 million (USD 214 million) compared to KD 53.5 million in the same period last year, contributing to the increase of total operating income by 9 percent to reach KD 49.6 million (USD 158.7 million) compared to KD 45.7 million in the same period last year, it said.
The KIB's total assets increased by 10 percent, to reach KD 2.08 billion (USD 6.7 billion), compared to 30 September 2017. The Bank also witnessed a growth of 18 percent, or an increase of KD 233 million, in the overall financing portfolio, to reach KD 1.54 billion. Meanwhile, KIB's investment portfolio increased by 5 percent during this period to reach KD 130 million (USD USD 416 million), it added.
Furthermore, customer deposits reached a total of KD 1.3 billion (USD 4.2 billion), compared to KD 1.17 billion recorded at the end of same period last year, thereby recording an increase of KD 136 million, or 12 percent. KIB's promising financial trajectory can be credited to its new customer-centric strategy, which aims at delivering an excellent customer experience. (end) fnk.ht.mt