The Banking Executive Magazine - October Issue

KIB Group’s Net Profits a result of an increase in the financ- ing portfolio by 8% to reach KD 2.67 billion as of 30 September 2024 compared to KD 2.48 billion for the same period of last year. Meanwhile, its investment and high-quality Sukuk portfolio grew by KD 151mil- lionor 49%, reaching almost KD 460 million as at 30 September 2024, compared to KD 308 million for the same period of last year. Concluding his remarks, Al-Jarrah emphasized that KIB continuously seeks strategic investment opportuni- ties that benefit its shareholders, cus- tomers, and employees—whether in innovation, digital infrastructure in- vestment, or developing human cap- ital, among other key opportunities. These efforts are evident in the KIB’s leading position among local bank- ing institutions, its advanced level of customer service, its constant focus on expanding operations, and the real growth achieved across all sec- tors. On his part, Raed Jawad Bukham- seen, Vice Chairman and CEO of KIB, said: “We are proud to an- nounce these positive financial re- sults, which confirm KIB’s success in making further progress during the nine months of 2024. This achieve- ment is closely tied to our ability to embrace a culture of excellence, guided by best banking practices and responsible risk management. It also reflects our commitment to ensuring complete customer satisfaction through the development, innovation and delivery of top-quality financial services that meet their vital needs and exceed their expectations.” Bukhamseen presented in detail the key financial results for the nine months of 2024 compared to the same period of last year, where fi- nancing income increased to reach KD 135 million, compared to almost KD 125 million, with a growth rate of 8%, and net financing income in- creased to reach an KD 47.8 million, compared to almost KD 37 million, with a growth rate of 28%, and an in- crease in fees and commission in- come to reach KD 12.8 million, compared to an KD 9 million, with a growth rate of 43%, as this con- tributed to an increase in total oper- ating income to reach almost KD 65 million compared to KD 52 million, with a growth rate of 24%. In terms of the financial position as at 30 September 2024,Bukhamseen said that KIB’s customers’ deposits grew by 13% to reach KD 2.24 bil- lion as at 30 September 2024 com- pared to KD 1.99 billion for the same period of last year. In addition, the total shareholders equity grew 12% to reach KD 351 million as at 30 September 2024 compared to KD 314 million for the same period of last year, noting that KIB continues to maintain high levels of total capital adequacy ratio, in accordance with Basel III instructions, of 19.25% at the end of the third quarter of 2024. On a similar note, Bukhamseen com- mended KIB’s continued support for the "Let’s Be Aware" (Diraya) banking awareness campaign, overseen by the Central Bank of Kuwait and the Kuwait Banking Association, in col- laboration with local banks. He em- phasized KIB’s ongoing efforts to educate customers and the commu- nity about their financial rights and responsibilities, while also sharing specialized materials designed to protect their banking and personal data at all times. Through these ini- tiatives, KIB remains a true partner to the community and a key pillar in its sustainable growth and develop- ment. Bukhamseen concluded by noting that KIB continues to win excellence awards, affirming its leading position in the Kuwaiti banking sector. Re- cently, the Bank received the 'Best Real Estate Solutions Provider MENA 2024' award from Capital Finance International (CFI.co) magazine. The award recognized its extensive ex- pertise in the real estate sector span- ning over 50 years, as well as its commitment to a comprehensive strategy focused on excellence and innovation. This recognition reflects the Bank's long-standing dedication to offering the best real estate solu- tions and digital services to all cus- tomer segments. Additionally, KIB was awarded ‘Best Retail Banking Product’ award for the year 2024 from World Finance magazine, ac- knowledging the successful upgrade of its KIB Mobile app, designed to deliver an advanced level of digital banking services to individual cus- tomers. In their closing remarks, both Al-Jar- rah and Bukhamseen commended the dedicated efforts of all teams at KIB. They also expressed their grati- tude to the Central Bank of Kuwait for its exceptional regulatory and su- pervisory role and ongoing support, as well as to the Capital Markets Au- thority for its efforts in fostering a competitive and attractive invest- ment environment in Kuwait. ISSUE 189 OCTOBER 2024 the BANKING EXECUTIVE 21