Kuwait – Mubasher: Kuwait International Bank (KIB) reported a net profit after tax of KWD 11.8 million in the first nine months of 2015, with a rise of 18.5% compared to about KWD 10 million in the same period last year, according to a weekly report by Al Shall, an economic consulting company based in Kuwait.
The report released on Sunday attributed the profit increase to a 6.9% rise in total operating profit versus a decline in total operating expenses by about 1.4%.
The bank’s total operating profit increased by KWD 2.9 million or 6.9% to KWD 44.7 million in the first nine months this year, compared to KWD 41.8 million in the same period of 2014, as result for a jump of about KWD 1.6 million to KWD 4.4 million in investment revenues, versus KWD 2.8 million in the same period last year.
Net fees and commissions revenues also leapt by about KWD 551,000 to KWD 6.5 million this year, compared to KWD 6 million in the first nine months of 2014. Meanwhile, net profit from foreign exchange plummeted by around KWD 120,000 to KWD 674,000 by the end of September 2015, compared to KWD 794,000 in the same period last year.
In the meantime, total operating expenses slipped by about KWD 279,000 or 1.4% to KWD 19 million in the January-September period of 2015, against about KWD 19.3 million last year.
Staff costs and general and administrative expenses jumped KWD 863,000 to KWD 17.5 million, versus KWD 16.6 million in. However, depreciation expenses decreased by KWD 1.1 million to KWD 1.5 million, compared to KWD 2.7 million.
Percentage of total operational expenditures to total operational incomes reached 42.6%, down from 46.2% in the first nine months of 2014, while total provisions rose KWD 1.3 million or 10.5%, to KWD 13.3 million, versus KWD 12 million last year, which explains the rise in the net profit margin to 26.5%, compared to 23.9% a year ago.
Earnings per share increased by 18.1% year-on-year, while the market prices decreased by 29.8% y/y.
