Kuwait International Bank announces KD 2.2 million profit for the first half of 2021


Kuwait International Bank announces KD 2.2 million profit for the first half of 2021

By Léandra Monteiro

Kuwait International Bank (KIB) has announced its financial results for the first six months of 2021, achieving 34 million KD of operating profit, against 29 million KD recorded at the end of the same period last year with a growth of 16%.

The financial results underscore that KIB continues to improve its competitive advantage in the banking and financial, while seeking to maintain the growth of its main financial indicators and to preserve the stability of its financial returns. KIB also remains committed to strengthening its financial position as a key player in the capital markets and to developing and expanding its funding footprint locally, regionally and internationally.

As a result, in the first half of the year, KIB reported net profit attributable to shareholders of KD 2.2 million compared to KD 103k in the same period of 2020.

Commenting on the Bank’s financial performance, Bank President Sheikh Mohammed Jarrah Al Sabah said that KIB’s financial statements showed that the Bank’s assets increased by 5% to nearly $ 2.9 billion. KD, comparable to KD 2.7 billion at the end of June 2020. This growth results from an increase in the size of the financing portfolio of nearly KD 160 million to reach KD 2.1 billion, against KD 1.9 billion at 30 June 2020, achieving 8% growth.

In addition, KIB’s investment securities portfolio increased (mainly high quality sukuk) by around KD 61 million. Depositors’ accounts increased by KD 207 million, an increase of 13% to reach nearly KD 1.8 billion compared to nearly KD 1.6 billion at the end of June last year, while equity reach nearly 259 million KD.

Al-Jarrah noted that in its goal of achieving high creditworthiness, KIB continues to be committed to providing high-quality, Sharia-compliant financing and financial advisory services designed specifically to meet rapid and responsive needs. constant evolution of KIB customers. He also noted that KIB is actively striving to contribute to the sustainable growth and development of infrastructure.

Al-Jarrah further underlined KIB’s eagerness to participate in important investment opportunities, transactions and financial transactions, reflecting KIB’s growing investment banking capabilities at local and regional levels. He said: “We seek to play an active role in the investment landscape and the capital market, both in Kuwait and in the GCC, by issuing high profile sukuk, which have become a part important of the world financial market, because it offers solutions to face a series of challenges posed by the current economic situation ”.

For his part, KIB Vice President and General Manager Raed Jawad Bukhamseen said: year. Payout rates on depositors’ accounts recorded good annual returns at the end of the second quarter of this year, reflecting the Bank’s success in meeting its profitability and diversification goals.

Concluding their two statements, Al-Jarrah and Bukhamseen praised the collective efforts of KIB employees and praised the performance of the entire Bank team as they continued to strive to provide the best banking services. to customers, especially during these tough times. They both noted that these efforts help maintain shareholder and customer confidence in the Bank’s ability to deliver strong financial results and fulfill its role effectively, adding: our customers by continuing to provide a banking experience exceptional to our customers.

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