KUWAIT CITY, October 30: Kuwait International Bank (KIB) Chairman Sheikh Mohammed Jarrah Al-Sabah has revealed the Bank’s financial results for the nine months of 2024. During this period, KIB achieved KD 16 million in net profit attributable to shareholders, an increase 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 compared to nine months of 2023.

Commenting on the latest financial results, Al-Jarrah said: "The results of the nine months of 2024 clearly reflect the diligent and focused efforts aimed at enhancing performance and operational efficiency to maintain the Bank’s financial stability. They also reaffirm our commitment to the sustainable approach embedded in our comprehensive strategy, as we strive toward more innovative and advanced horizons in the realm of customer service and product offering."

He added: "The financial results further highlight our dedication to service excellence and maintaining flexibility in executing the core principles of our business model. We have made significant progress in empowering all sectors and departments to adapt to diverse circumstances, thanks to the extensive experience and expertise of our executive team and employees. Together, they continue to achieve success through growth plans focused on continuous development and the innovation of new digital products, services, and solutions that meet—and exceed—customer expectations."

Delving into the Bank’s financial statements at the end of 30 September 2024, Al-Jarrah stated that KIB’s total assets grew by 6% to reach almost KD 3.60 billion compared to KD 3.40 billion as at 30 September 2023.The growth in total assets was a result of an increase in the financing 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 151millionor 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 opportunities that benefit its shareholders, customers, and employees—whether in innovation, digital infrastructure investment, or developing human capital, among other key opportunities. These efforts are evident in the KIB’s leading position among local banking institutions, its advanced level of customer service, its constant focus on expanding operations, and the real growth achieved across all sectors.

On his part, Raed Jawad Bukhamseen, Vice Chairman and CEO of KIB, said: “We are proud to announce these positive financial results, which confirm KIB’s success in making further progress during the nine months of 2024. This achievement 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 financing income increased to reach KD 135 million, compared to almost KD 125 million, with a growth rate of 8%, and net financing income increased to reach an KD 47.8 million, compared to almost KD 37 million, with a growth rate of 28%, and an increase in fees and commission income to reach KD 12.8 million, compared to an KD 9 million, with a growth rate of 43%, as this contributed to an increase in total operating 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 billion as at 30 September 2024 compared 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 commended 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 collaboration with local banks. He emphasized KIB’s ongoing efforts to educate customers and the community about their financial rights and responsibilities, while also sharing specialized materials designed to protect their banking and personal data at all times. Through these initiatives, KIB remains a true partner to the community and a key pillar in its sustainable growth and development.

Bukhamseen concluded by noting that KIB continues to win excellence awards, affirming its leading position in the Kuwaiti banking sector. Recently, the Bank received the 'Best Real Estate Solutions Provider MENA 2024' award from Capital Finance International (CFI.co) magazine. The award recognized its extensive expertise in the real estate sector spanning 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 solutions and digital services to all customer segments. Additionally, KIB was awarded ‘Best Retail Banking Product’ award for the year 2024 from World Finance magazine, acknowledging the successful upgrade of its KIB Mobile app, designed to deliver an advanced level of digital banking services to individual customers.

In their closing remarks, both Al-Jarrah and Bukhamseen commended the dedicated efforts of all teams at KIB. They also expressed their gratitude to the Central Bank of Kuwait for its exceptional regulatory and supervisory role and ongoing support, as well as to the Capital Markets Authority for its efforts in fostering a competitive and attractive investment environment in Kuwait.