KIB approves 5% cash dividend, 3% bonus shares for 2023

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Kuwait International Bank (KIB) has recommended distributing cash dividends of five fils per share and three percent bonus shares (three shares per 100 shares) from the issued and paid-up capital.

This came during the KIB's Annual General Meeting (AGM), held on Wednesday.

Chairman of KIB Group Sheikh Mohammad Jarrah Al-Sabah said that KIB Group recorded a 40 percent increase in net profit attributable to shareholders, amounting to KD 19 million, with earnings per share (EPS) of 10.28 fils at the end of 2023.

Meanwhile, total operating income increased by 16 percent over 2022, reaching approximately KD 73 million in 2023, while the audited consolidated financial statements showed a 51 percent increase in financing revenues, reaching KD 172 million, compared to approximately KD 114 million in the previous year.

Investment income grew by 13 percent, while depositorsآ’ accounts increased to exceed KD two billion by 31 December 2023, he said, adding that shareholdersآ’ equity grew by 31 percent to reach KD 333 million as of 31 December 2023.

The KIBآ’s total assets amounted to KD 3.62 billion while the Bankآ’s financing portfolio reached KD 2.49 billion. The investment portfolio grew to reach approximately KD 363 million by 31 December 2023, supported by the increase of investments in high-quality Sukuk, the chairman added.

For his part, Raed Jawad Bukhamseen, Vice Chairman and Chief Executive Officer of KIB Group, said: "The profitability growth of KIB coincides with the enhancement of the Bank's financial position, in addition to its adoption of comprehensive and effective hedging policies to manage risks, and a well-established and trusted approach to crisis management." Bukhamseen added: "The year 2023 witnessed the successful increase of KIBآ’s share capital, in line with the Bank's adoption of a digital transformation strategy and the fundamental plans it encompasses, and the efforts aimed at modernizing the business model, enhancing sustainable growth indicators, and achieving further development.