KUWAIT CITY: The Kuwait International Bank (KIB) announced a profit of KD 16.10 million for the year ending Dec 31, 2015, which is a 17 percent increase year on year as the 2014 profit was KD 13.70 million.
Speaking at the Annual General Meeting held at the bank’s head office in Mirqab, Chairman Mohammad Jarah Al-Sabah said the growth comes in spite of the accelerating global ad geopolitical developments, particularly in the Middle East region and the resultant repercussions which imposed further challenges in the operational environment during 2015.
Accordingly, earning per share has been increased to 17.14 fils from 14.65 fils year on year. KIB continued to implement its plans aimed at increasing and diversifying the sources of income along with an expansion of its franchise. The board of directors, executive management and bank staff bear in their mind to realize positive growth levels in all key performance indicators.
This goal has been achieved by expanding the scope of Islamic Banking products and services to serve various economic sectors in Kuwait as well as expanding the bank’s customer base and reaching out to them all over Kuwait. As such, KIB pursued its plans intended to accomplish a domestic expansion and therefore inaugurated two new branches during the year, bringing the total number of branches to 28 at the end of 2015. In parallel fashion, this coincided with the expansion in automatic teller machines (ATMs) to reach 91, and the point-of-sale devices increased by 8 percent. Accordingly, KIB continued to diversify, develop and innovate products tailored to its esteemed retail customers.
Highlighting the bank’s most significant achievements of the year 2015, the chairman said in 2015, KIB’s board of directors and its executive management adopted a comprehensive and promising strategic 8-year plan for the period 2015-2020. This strategy was based on a group of pillars taking into consideration the accelerating development affecting the operational environment of banks, and he uncertainty status expected to overwhelm the global economic environment in the coming few years.
The strategy intends also to develop the capability and efficiency of the bank’s internal processes in order to adapt with any future developments, in furtherance of the bank’s endeavors to improve asset quality, maximize shareholders’ returns, and continue to apply the state-of-the-art and safest banking business practices in order to realize a positive shift in the quality of services rendered to the bank’s customers and expand its franchise in future.
