Board recommends cash dividend of 9 fils per share
30/03/2016 05:39 AST
The Kuwait International Bank (KIB) announced a profit of KD 16.10 million for the year ending Dec 31, 2015, which is a 17 percent increase year on year as the 2014 profit was KD 13.70 million.
Speaking at the Annual General Meeting held at the bank’s head office in Mirqab, Chairman Mohammad Jarah Al-Sabah said the growth comes in spite of the accelerating global ad geopolitical developments, particularly in the Middle East region and the resultant repercussions which imposed further challenges in the operational environment during 2015.
Accordingly, earning per share has been increased to 17.14 fils from 14.65 fils year on year. KIB continued to implement its plans aimed at increasing and diversifying the sources of income along with an expansion of its franchise. The board of directors, executive management and bank staff bear in their mind to realize positive growth levels in all key performance indicators.
This goal has been achieved by expanding the scope of Islamic Banking products and services to serve various economic sectors in Kuwait as well as expanding the bank’s customer base and reaching out to them all over Kuwait. As such, KIB pursued its plans intended to accomplish a domestic expansion and therefore inaugurated two new branches during the year, bringing the total number of branches to 28 at the end of 2015. In parallel fashion, this coincided with the expansion in automatic teller machines (ATMs) to reach 91, and the point-of-sale devices increased by 8 percent. Accordingly, KIB continued to diversify, develop and innovate products tailored to its esteemed retail customers.
Highlighting the bank’s most significant achievements of the year 2015, the chairman said in 2015, KIB’s board of directors and its executive management adopted a comprehensive and promising strategic 8-year plan for the period 2015-2020. This strategy was based on a group of pillars taking into consideration the accelerating development affecting the operational environment of banks, and he uncertainty status expected to overwhelm the global economic environment in the coming few years.
The strategy intends also to develop the capability and efficiency of the bank’s internal processes in order to adapt with any future developments, in furtherance of the bank’s endeavors to improve asset quality, maximize shareholders’ returns, and continue to apply the state-of-the-art and safest banking business practices in order to realize a positive shift in the quality of services rendered to the bank’s customers and expand its franchise in future.
In this context, KIB plans to become the fastest growing Islamic Bank in the State of Kuwait, the first choice to customers seeking Islamic Shari’a compliant advanced banking and the most attractive financial institution for skilled national labor. The year 2015 witnessed the launch of this strategy and its inception, whereby measures have been taken to enhance the bank’s organizational structure, in addition to a full revision and development of the bank’s franchise and activities. This has been positively reflected on the bank’s performance and financial indicators. As for the second stage of the implementation of the strategic plan, extending throughout 2016, the bank will focus on the improvement of the products and services rendered to customers and on the improvement of the effectiveness and efficiency of its internal operations.
On growth and improvement of asset quality, Chairman Al-Sabah stated that KIB’s assets rose 8 percent on annual basis to reach KD 1.79 billion, compared to KD 1.66 billion at the end of 2014, which is an increase of KD 127.50 million. In this context, funding portfolio rose by KD 100 million to reach KD 1.17 billion, compared to KD 1.07 billion, and thus realized a growth of 1.03 percent year on year. Deposits increased to KD 1.02 billion compared to KD 989 million, which is an increase of KD 29 mi
Arab Times
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