KUWAIT CITY — Kuwait International Bank (KIB) has announced a net profit of nearly $19.5 million (KD 6 million) for the first half of 2023, ending on June 30, marking an impressive 88% growth attributable to shareholders. The bank’s earnings per share (EPS) stood at 2.87 fils, according to a statement by KIB Chairman Sheikh Mohammad Jarrah Al-Sabah.
During the same period, KIB’s total operating income reached approximately $115 million (KD 35.4 million), representing a 14% increase compared to the first six months of 2022. Al-Jarrah attributed the bank’s strong performance to its solid financial foundation and resilient business model, which have enabled KIB to navigate the banking landscape with confidence, clarity, and agility.
“KIB’s FY2023 first-half financial results are a testament to our track record of good performance, competitive advantages, and unwavering commitment to provide the ‘best’ banking experience to our customers and the most significant value to our shareholders, in line with our slogan’s promise of being a ‘Bank for Life,'” said Al-Jarrah.
The bank’s interim financial statement for H1 2023 revealed that KIB’s financing portfolio stood at approximately $8.03 billion (KD 2.47 billion) as of June 30, 2023. Additionally, Al-Jarrah noted that KIB’s investment securities portfolio, focused on high-quality Sukuk, reached approximately $1 billion (KD 308 million), a 4% increase from almost $969 million (KD 298 million) for the same period in 2022.
KIB’s Vice Chairman and CEO, Raed Bukhamseen, disclosed that depositors’ accounts amounted to nearly $6.14 billion (KD 1.89 billion) at the end of June 30, 2023. Furthermore, shareholder equity stood at almost $1.02 billion (KD 314 million), reflecting a 28% growth due to the successful completion of KIB’s capital increase during H1 2023.
Bukhamseen also affirmed that KIB continued to maintain adequate levels of Basel III total capital adequacy ratio, which was 19.8% at the end of H1 2023.
KIB’s robust financial performance in the first half of 2023 underscores the bank’s commitment to delivering value to its shareholders and customers while maintaining a strong and stable financial position in the banking sector.
