Kuwait, 13 May 2023: Sheikh Mohammed Jarrah Al-Sabah, Chairman of Kuwait International Bank (KIB), announced the financial results for the first quarter of 2023. The Bank achieved net profit attributable to shareholders amounting to KD 3.5 million, Earnings per share (EPS) was 3.15 fils, which grew by 42% compared to KD 2.5 million, 2.22 fils for the first quarter of 2022. Total operating income was almost KD 17.2 million, which grew 7% compared to the first quarter 2022. 

Commenting on the latest financial results, Al-Jarrah said: “The first quarter results validate the Bank’s stable financial standing and steady, sustainable growth trajectory. They also reflect KIB’s long-term plan, centered around innovating new banking products, services and digital solutions that are in line with customers’ modern lifestyles and market trends.” 

Regarding the Bank’s interim financial statements for the first quarter 2023, Al-Jarrah noted that the assets growth was driven by the increase in size of the financing portfolio, which increased by KD 143 million to reach almost KD 2.57 billion by end of March 2023, compared to almost KD 2.43 billion at the end of March 2022, achieving a growth of 6%.

In terms of KIB’s investment securities portfolio, Al-Jarrah revealed that the portfolio, which included primarily high quality Sukuk, grew by KD 5.7 million, reaching almost KD 305 million by the end of Q1 2023, compared to KD 300 million during Q1 2022. According to Al-Jarrah, this increase confirmed the Bank’s efforts toward developing and expanding its scope of financing and investment activities, locally, regionally and internationally. Similarly, KIB’s depositors’ accounts witnessed a notable growth of almost KD 78 million, an increase of 4% to reach KD 2.23 billion as of 31 March 2023, compared to KD 2.15 billion as of 31 March 2022, while the shareholders’ equity totaled KD 255 million.
On the topic of credit ratings, Raed Jawad Bukhamseen, Vice Chairman and CEO of KIB, said that Fitch Rating Agency, as per its latest report, maintained KIB’s Long-term Issuer Default Rating (IDR) affirmed at ‘A’ with a stable outlook and affirmed Viability Rating at ‘bb-’ on ratings watch negative (RWN). He said: “This is a testament to the Bank’s consistent strategy implementation and solid market position.” Bukhamseen further noted that KIB sustained adequate levels of Basel III total capital adequacy ratio, which was 17.4% at end of Q1 2023.  

Bukhamseen also said: “We remain confident in our transformative and innovation-focused strategy to achieve sustainable growth. During the first quarter, KIB continued to progress in implementing its dynamic and agile strategy, which seeks to offer a next-level customer experience that keeps pace with the market’s evolving trends and responds to customers’ aspirations and requirements. In addition, KIB continued to invest in its digital infrastructure and embrace new technologies as part of efforts to build a more advanced and fully developed business model. These efforts resulted in new solutions involving innovative digital technologies that are in step with the rapid changes in the local and regional markets.” 

Bukhamseen highlighted that the first quarter of 2023 witnessed a quantum leap in KIB’s social responsibility program, with the launch of the KIB | The Stadium sporting initiative – the biggest CSR activity of its kind. He also underlined that the Bank announced the official opening of the headquarters of its KIB Mubader Center, a start-up incubator and accelerator. In this vein, Bukhamseen said: “The KIB | The Stadium initiative set a new benchmark of excellence for CSR initiatives within the banking and financial sectors, while the launch of KIB Mubader Center marked a new era for supporting Kuwait’s aspiring entrepreneurs and SME business owners.” 

Regarding the Bank’s capital increase, Bukhamseen mentioned that KIB obtained the approvals of both the Central Bank of Kuwait and the Capital Markets Authority for an increase in the Bank’s capital by issuing 428 million new shares, at the share premium of 40 fils per share to be added to the nominal value of the share of 100 fils, all in line with its ambitious strategy to achieve further development and growth. KIB will use this capital increase to strengthen its capital base and improve its competitive position in the market. The intended capital increase will support the Bank’s operational activities and banking services, allow it to invest more in its technological infrastructure and digital transformation, and increase its market share. 
KIB will continue to complete all necessary measures related to the process of issuing shares and announcing the schedules of corporate actions, by proceeding with the obtainment of the required regulatory approvals, which are being announced via Boursa Kuwait platform.
Concluding their statements, Al-Jarrah and Bukhamseen praised their team’s dedication, efforts and contribution to achieving strong results so far in 2023. They also expressed their sincere appreciation to the Board of Directors and Executive Management for their continuous support and guidance to continue strengthening the Bank's financial position and meeting its ESG requirements.