Kuwait International Bank reports strong financial performance at latest AGM

Kuwait International Bank (KIB) recently concluded its Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) on March 27, 2024, with an impressive 75.22% shareholder attendance.

The AGM saw the approval of various agenda items, including the proposal to distribute cash dividends of 5 fils per share and 3% bonus shares from the issued and paid-up capital.

Sheikh Mohammed Jarrah Al-Sabah, Chairman of KIB Group, set the tone for the meetings with a speech highlighting the bank’s financial achievements amidst challenging geopolitical conditions.

Emphasizing KIB’s commitment to excellence and resilience, Al-Sabah praised the bank’s strategic plan, the support of its Board of Directors, and the dedication of its employees.

He underscored KIB’s sustainable growth trajectory, underpinned by a robust financial position, successful strategy execution, and a flexible business model that positions the bank as a key player in the local Islamic banking sector.

Al-Sabah elaborated on KIB’s financial milestones, noting a 40% increase in net profit to KD19 million in 2023, with earnings per share (EPS) reaching 10.28 fils. Total operating income surged by 16% to approximately KD73 million, driven by a 51% rise in financing revenues to KD172 million.

The bank’s investment income grew by 13%, while depositors’ accounts exceeded KD2 billion by the end of 2023. Shareholders’ equity also saw a significant uptick, rising by 31% to KD333 million by December 31, 2023. KIB maintained robust Basel III levels, with a total capital adequacy ratio of 19.8%.

Moreover, Al-Sabah highlighted KIB’s success in enhancing asset quality, with total assets reaching KD3.62 billion and the financing portfolio hitting KD2.49 billion. The bank’s investment portfolio expanded to approximately KD363 million by the end of 2023, supported by strategic investments in high-quality Sukuk.

Raed Jawad Bukhamseen, Vice Chairman and CEO of KIB Group, commended the bank’s financial growth and its proactive risk management strategies. He noted the successful increase in KIB’s share capital in 2023, reflecting the bank’s digital transformation strategy and modernization efforts.

The capital increase subscription process, which offered 428,571,429 shares valued at KD60 million, led to a 34.98% rise in paid-up capital to KD165.4 million. The oversubscribed rights issue, up by 687%, showcased shareholders’ confidence in KIB’s strategic direction and future prospects.

Bukhamseen highlighted KIB’s digital advancements, including the launch of innovative digital platforms like KIB Aqari, Corporate Online Banking, and the upgraded KIB Mobile application. These initiatives align with the bank’s commitment to cutting-edge digital solutions that adhere to Islamic principles and global standards, enhancing customer experience and accessibility.

Furthermore, Bukhamseen lauded the establishment of “KIB Mubader Center” to support SME entrepreneurs and the launch of KIB Invest, the bank’s Islamic investment arm with a capital of KD45 million. These initiatives aim to provide comprehensive investment services and bolster the bank’s presence in domestic and global markets.

Mohamed Said El Saka, KIB Group’s Deputy CEO, emphasized the bank’s strategic planning and long-term vision, which have led to numerous accolades recognizing its achievements in Islamic finance and social responsibility. KIB received prestigious awards such as the “Best Islamic Bank in Kuwait for 2023” and the “Best Banking Vision – MENA 2023” award, among others, underscoring its commitment to excellence and innovation.