The Banking Executive Magazine - October Issue

KIB Group’s Net Profits KIB GROUP’S NET PROFITS DURING THE NINE MONTHS OF 2024 REACH $52.2MLN Kuwait International Bank (KIB) Chairman Sheikh Mohammed Jarrah Al-Sabah has revealed the Bank’s fi- nancial results for the nine months of 2024. During this period, KIB achieved KD 16 million in net profit attributable to shareholders, an in- crease of 138% compared to KD 6.8 million during the nine months of 2023, with earnings per share (EPS) standing at 8.62 fils, an increase of 172% during the nine months of 2024. Total operating income rose by 24% to reach KD 65 million com- pared to nine months of 2023. Commenting on the latest financial results, Al-Jarrah said: "The results of the nine months of 2024 clearly re- flect the diligent and focused efforts aimed at enhancing performance and operational efficiency to main- tain the Bank’s financial stability. They also reaffirm our commitment to the sustainable approach embed- ded in our comprehensive strategy, as we strive toward more innovative and advanced horizons in the realm of customer service and product of- fering." He added: "The financial results fur- ther highlight our dedication to serv- ice excellence and maintaining flexibility in executing the core prin- ciples of our business model. We have made significant progress in empowering all sectors and depart- ments to adapt to diverse circum- stances, thanks to the extensive ex- perience and expertise of our executive team and employees. To- gether, they continue to achieve suc- cess through growth plans focused on continuous development and the innovation of new digital products, services, and solutions that meet— and exceed—customer expecta- tions." Delving into the Bank’s financial statements at the end of 30 Septem- ber 2024, Al-Jarrah stated that KIB’s total assets grew by 6% to reach al- most KD 3.60 billion compared to KD 3.40 billion as at 30 September 2023.The growth in total assets was the BANKING EXECUTIVE 20 ISSUE 189 OCTOBER 2024