Mubasher: Kuwait International Bank (KIB) reported a drop of 10.6% in profits during the fourth quarter of 2017 compared to the same period in 2016.
Earnings decreased to KWD 4.23 million ($14.15 million) in Q4-17 from KWD 4.73 million ($15.82 million) in Q4-16, according to a recent statement.
During fiscal year of 2017, KIB posted a decline of 2.8% in profits to KWD 17.7 million from KWD 18.2 million in FY16.
The drop in profits is attributed to higher operating revenues, lower provisions, and losses in value of operating expenses, KIB said.
KIB’s board members recommended 10% cash dividends or 10 fils per share for FY17.
The bank called for holding an ordinary general meeting (OGM) on Saturday, 24 March, to consider the financials and discuss the proposed dividends.
At the stock level, KIB closed Sunday’s session at 236 fils.
