The 2017 Annual General Meeting (AGM) for Kuwait International Bank (KIB) was held on March 24th 2018, attended by 78.150% of shareholders approved the recommendation of the Bank’s Board of Directors to distribute cash dividends of 10% of the share nominal value (i.e. 10 fils per share) to shareholders.
Chairman of KIB, Sheikh Mohammed Jarrah Al-Sabah, spoke about the Bank’s performance in 2017, saying: “In spite of the many economic challenges we have witnessed this year, KIB was able to achieve positive results; strengthening its financial position, enhancing its shareholders’ equity, witnessing improvement across all key performance indicators, restructuring many of its activities and improving internal operations.”
According to the Bank’s consolidated financial statements for the fiscal year ended 31 December 2017, KIB recorded net profit of KD 17.7 million mainly contributed by increase in revenues accompanied by an effective cost optimization. Bank’s improved performance reflected positively on core operating income for 2017, which reached to KD 64.3 million compared to KD 63.2 million for the previous year. Financing revenues grew by 5%, an increase of KD 3.6 million to reach KD 74.6 million, compared to KD 71 million recorded during 2016