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KIB (Al Dawli) approves latest strategic transformation plan

Al-DawliKUWAIT: Sheikh Mohammed Al Jarrah Al Sabah, Chairman of Kuwait International Bank (Al Dawli), declared that the Bank realized 18% growth in profits for the 9 months ended 30 September 2015, amounting to KD11.8 million compared to KD10 million for the corresponding period last year (2014). This growth has come as a result of increase in revenues and an improvement in the controlling of expenditures. The financing revenues rose by 9.3% ie KD3.7 million totaling KD 43.4 million compared to KD39.7 million for the corresponding period last year. Revenues from fees and commissions realized a growth of 9.3%, amounting to KD6.5 million compared to KD5.9 million for the same period last year.

The revenues from investment increased also by KD1.6 million, amounting to KD4.5 million compared to KD2.8 million for the corresponding period of 2014, thus realizing a remarkable growth of 58%. On the other hand, the total expenditures reached KD19 million compared to KD19.3 million, decreasing by 1.4% compared to the corresponding period last year. The earnings per share (EPS) increased for the period ended 30 September 2015 by 18% reaching 12.59fils compared to 10.66fils for the corresponding period last year.

Sheikh Mohammed Al Jarrah also indicated that Al Dawli’s assets increased by KD76.4 million, ie by 4.6% reaching KD1.74 billion compared to KD1.66 billion at the end of 2014. This increase has come as a result of a growth of KD64 million in the financing portfolio reaching KD1.13 billion, compared to KD1.06 billion last year. Depositors’ accounts rose to approximately KD1.03billion in comparison with KD989 million at the end of 2014 that is an increase of 4.3%, resulting in net new deposits of KD42 million.

Kuwait International Bank’s strong growth during the third quarter of 2015 was further strengthened by a significant lowering of NPLs that decreased by 22.8%to reach 4.4% versus 5.7% for the same period last year. Kuwait International Bank continued to maintain a comfortable capital adequacy ratio of 22.7% and financial leverage ratio of above 11%. Indeed, the aforementioned positive results fostered rise of return on equity to reach 6.49% in comparison with 5.78% for the same period last year. Moreover, distributions on depositors’ accounts moved from1.2% in the first quarter to1.5% in the second quarter and 1.8% in the third quarter.

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