The Banking Executive Magazine - August 2023 Issue

Arab Banks KIB MAKES $19.5MLN IN PROFIT, 88% GROWTH Kuwait International Bank (KIB) made almost KD 6 million of net profit, as well as an 88-percent growth, attributable to shareholders, said the lender's chair With earnings per share (EPS) standing at 2.87 fils, KIB Chairman Sheikh Mohammad Jarrah Al-Sabah has revealed, in a statement, the Bank's financial re- sults for the first half of the year, end- ing on June 30, 2023. During this period, the Bank total op- erating income amounted to KD 35.4 million, which grew 14% compared to the first six months of 2022. Al-Jarrah pointed to the Bank's solid financial foundation and resilient business model, which are vital for navigating the banking landscape with confidence, clarity, and agility. He said: "KIB's FY2023 first-half fi- nancial results are a testament to our track record of good performance, competitive advantages, and unwa- vering commitment to provide the 'best' banking experience to our cus- tomers and the most significant value to our shareholders, in line with our slogan's promise of being a 'Bank for Life.'" Delving into the Bank's interim financial statement for H1 2023, Al- Jarrah disclosed that KIB's financing portfolio was KD 2.47 billion as at June 30, 2023. In addition, Al-Jarrah noted that KIB's investment securities portfolio focused on high quality Sukuk that stood at KD 308 million, compared to almost KD 298 million for the same period in 2022, an in- crease of 4%. On his part, KIB's Vice Chairman and CEO Raed Bukhamseen said that de- positors' accounts amounted to al- most KD 1.89 billion at the end of June 30, 2023. In addition, the share- holder equity, stood at almost KD 314 million (i.e. 28% growth) due to the successful completion of the KIB's capital increase during H1 2023. Bukhamseen further affirmed that KIB continued to successfully maintain adequate levels of Basel III total capital adequacy ratio, which was 19.8% at the end of H1 2023. the BANKING EXECUTIVE 22 ISSUE 176 AUGUST 2023