Kuwait - Mubasher: Kuwait International Bank (KIB) reported a rise in profits in the first quarter of 2017 by 13% year-on-year, according to a bourse filing.
The bank said in a statement to Boursa Kuwait on Saturday that net profits totalled KWD 7.6 million in Q1-17, compared to KWD 6.7 million in the same quarter last year.
Mohamed Jarrah Al Sabah, the bank’s chairman, said that the positive performance for the bank in the first quarter of the year was reflected on a number of major indicators, led by the growth in operational income to KWD 15.9 million from KWD 15.5 million in the same period the year before.
Al Sabah also noted that the bank’s assets grew 7% to around KWD 128 million to a total of KWD 1.9 billion.
The increase in assets is attributed to the growth of the finance portfolio by KWD 113 million or 10% year-on-year to KWD 1.3 billion, the chairman added.
