KIB Chairman Sheikh Mohammed Jarrah Al Sabah has revealed the Bank’s financial results for the first half of the year, ending on 30 June 2023. During this period, the Bank achieved almost KD 6 million of net profit attributable to shareholders, with earnings per share (EPS) standing at 2.87 fils (i.e. 88% growth). Total operating income amounted to KD 35.4 million, which grew 14% compared to the first six months of 2022.
Announcing the Bank’s results, Al-Jarrah pointed to the Bank’s solid financial foundation and resilient business model, which are vital for navigating the banking landscape with confidence, clarity, and agility. He said: “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.’”
Delving into the Bank’s interim financial statement for H1 2023, Al-Jarrah disclosed that KIB’s financing portfolio was KD 2.47 billion as at 30 June 2023. In addition, Al-Jarrah noted that KIB’s investment securities portfolio “focused on high quality Sukuk” stood at KD 308 million, compared to almost KD 298 million for the same period in 2022, an increase of 4%.
On his part, KIB’s Vice Chairman and CEO Raed Jawad Bukhamseen stated that depositors’ accounts amounted to almost KD 1.89 billion at the end of 30 June 2023. In addition, the shareholder equity, stood at almost KD 314 million (i.e. 28% growth) due to the successful completion of the KIB’s capital increase during H1 2023. Bukhamseen further affirmed that KIB continued to successfully maintain adequate levels of Basel III total capital adequacy ratio, which was 19.8% at the end of H1 2023.
In his statement, Bukhamseen said: “Fueled by a transformative, innovative-focused strategy, the Bank has been marching ahead in its mission to achieve additional progress by seeking to offer unrivaled customer experience, keeping pace with the trends reshaping the banking industry, and investing in digital infrastructure to stay competitive and relevant.”
Bukhamseen also shed light on notable achievements that defined the second quarter (Q2) of 2023, saying that the period was distinguished by a successful capital increase, in line with the Bank’s modernization of its business model to achieve further development and sustainable growth. During the month of June, KIB completed the subscription process to increase its capital by offering 428,571,429 shares, at a value of KD 60 million. The Bank’s paid-up capital increased by 34.98% to reach KD 165.4 million. The rights issue, which commenced on 30th May until 13th June, was oversubscribed by 687%, reflecting shareholder and investor confidence in KIB’s dynamic strategy and forward-looking vision.
Furthermore, Bukhamseen and Al-Jarrah discussed KIB’s dynamic digital transformation journey and its successful strides to date, pointing to the Bank’s three new, advanced digital platforms that were launched during Q2 2023 – the all-new and revamped Corporate Online Banking platform; the newly introduced, first-of-its-kind KIB Aqari platform; and the upgraded and improved KIB Mobile application. They said that the unveiling of these three pioneering platforms, born out of the relentless efforts of the KIB Digital Factory, marks a new era in Kuwait’s digital revolution and gives impetus to the development of advanced digital offerings for all customers across different segments. In addition, they highlighted the Bank’s continuous contribution to the Central Bank of Kuwait’s Let’s Be Aware “Diraya” campaign, launched to raise financial and banking awareness across society.
By concluding their statements, both Bukhamseen and Al-Jarrah lauded the efforts of KIB’s Board of Directors and its Executive Management to improve the Bank’s operational environment by pursuing an all-inclusive, long-term approach across all aspects of the business and their continuous support and guidance to continue strengthening the Bank's financial position and meeting its ESG requirements. They also expressed their gratitude to the supervisory role of the Central Bank of Kuwait and its permanent support, and to the Capital Markets Authority for its role in supporting an attractive and competitive investment environment in the State of Kuwait.