(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Jan 28 (KUNA) -- The Kuwait International Bank (KIB) has reported a net profit of KD 17.7 million (around USD 58.4 million) for the year ended 31 December 2017.
The Bank's improved performance reflected positively on reported core operating income, which increased toKD 64.3 million (USD 212 million), KIB Chairman Sheikh Mohammad Jarrah Al-Sabah said in a press release Sunday.
Total financing income increased by 5 percent, or by KD 3.6 million (USD 11.8 million), reaching KD 74.6 million (USD 246.2 million), he said.
Revenue from fees and commissions increased by 6 percent, to reach KD 9.3 million (USD 30.7 million), he added.
Investment income significantly increased by 68 percent to reach KD 4.5 million (USD 14.8 million), the KIB's chairman noted.
As for dividends, Al-Jarrah stated that KIB's Board of Directors proposed payment of cash dividends of 10 percent of the share nominal value (10 fils per share) for 2017, subject to the approval of the Bank's AGM and regulatory authorities.
KIB's total assets increased by 4 percent reaching KD 1.9 billion (USD 6.3 billion), he said. This increase is attributable to a growth in the financing portfolio by KD 36 million (USD 118.8 million), reaching KD 1.3 billion (USD 4.3 billion).
Additionally, the investment portfolio increased by KD 18 million, i.e. by 14 percent reaching KD 145.7 million (USD 480.8 million), Sheikh Mohammad Jarrah added.
KIB continued to maintain its excellent performance as the ratio for total provision and collateral coverage was at 193 percent for the year 2017, where capital adequacy ratio (CAR) reached 19.05 percent within the framework of CBK regulations on Basel III, he concluded. (end) fnk.msa.mt
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