Kuwait, 27 April 2025: Sheikh Mohammed Jarrah Al-Sabah, Chairman of Kuwait International Bank (KIB), announced the Group’s financial results for the first quarter of 2025. KIB Group achieved net profit attributable to shareholders amounting to KD 7.3 million, which grew by 21% compared to KD 6 million. Earnings per share (EPS) was 4.40 fils compared to 3.64 fils for the first quarter of 2024. Total operating income was almost KD 21.6 million, marking a growth of 2% compared to the first quarter of 2024.

Commenting on the latest financial results, Al-Jarrah emphasized that KIB’s strong performance reflects the success of the Bank’s strategic direction, which is built on a solid foundation of qualified talent and rapid digital advancement. He noted that the Bank has embarked on a new phase of growth, driven by the launch of a comprehensive five-year plan aimed at strengthening its position as the Islamic bank of choice in Kuwait and achieving significant improvements in performance and profitability.

Al-Jarrah added that the plan focuses on enhancing core banking operations and expanding growth opportunities through specialized products, innovative digital platforms, and financing solutions tailored to the needs of diverse customer segments. It also aims to strengthen fees and commissions generating activities, improve spending efficiency, and enhance risk management capabilities to ensure a sustainable balance between return and risk.

Regarding the Bank’s interim financial statements for the first quarter of 2025, Al-Jarrah stated that KIB’s total assets grew by 12% to reach KD 3.89 billion compared to KD 3.46 billion as of 31 March 2024. The growth was a result of increase in the financing portfolio by 18% or KD 444 million as of 31 March 2025 to reach KD 2.88 billion compared to KD 2.44 billion for the same period of 2024. Meanwhile, its investment and high-quality Sukuk portfolio grew by KD 110 million, reaching almost KD 496 million as of first quarter 2025, compared to KD 386 million for the same period of 2024.

Moreover, Al-Jarrah pointed out that the Bank places strong emphasis on human capital by attracting and developing top talent and preparing future leaders. This commitment goes hand in hand with its dedication to social responsibility and the advancement of environmental, social, and governance (ESG) practices, in alignment with global best standards.

From his side, Raed Jawad Bukhamseen, Vice Chairman and CEO of KIB, expressed pride in the Bank’s strong performance during the first quarter of 2025, noting that it reflects the robustness of KIB’s financial position and its ability to adapt to economic challenges. He added, “These results reaffirm our ability to navigate diverse market conditions efficiently and reflect our unwavering commitment to delivering high-quality banking services that meet our customers’ expectations and enhance their overall experience with us.”

Bukhamseen stated that this continued growth is driven by the Bank’s well-defined strategy, which focuses on developing flexible business models, upgrading its technological infrastructure to support future expansion, and enhancing the integration between business operations and digital capabilities. KIB also remains firmly committed to its core objectives, placing the customer at the heart of its priorities, while strengthening its role in supporting the local economy and community through its ongoing social responsibility initiatives.

Bukhamseen presented in details the key financial results for the first quarter of 2025 compared to the same period of last year, where net financing income increased to reach KD 16.3 million, compared to almost KD 15.2 million, with a growth rate of 8%, and an increase in fees and commission income to reach KD 4.2 million, compared to an KD 3.8 million, with a growth rate of 10%, as this contributed to an increase in total operating income to reach almost KD 21.6 million, with a growth rate of 21%.

In terms of the Bank’s financial position. Bukhamseen said that KIB’s customers’ deposits grew by 34% to reach KD 2.78 billion as of 31 March 2025 compared to KD 2.08 billion for the same period of last year. In addition, the total shareholders equity grew 5% to reach KD 351 million as of 31 March 2025 compared to KD 333 million for the same period of last year. Noting that KIB continues to maintain high levels of total capital adequacy ratio, in accordance with Basel III instructions, of 18.62% at of 31 March 2025.

In this context, Bukhamseen noted that KIB has recently joined the International Islamic Liquidity Management Corporation (IILM), becoming one of the primary dealers in short-term Sukuk issuances. He said that this step reinforces the Bank’s commitment to revitalizing and developing the Sukuk market, strengthening its role as a market maker, and contributing to the advancement of the Islamic finance industry both locally and regionally.

Meanwhile, in line with its geographic expansion plans, KIB has extended its network with the opening of its 19^th retail banking branch in Al Sideeq, Bukhamseen noted. The branch features a modern, elegant design and is equipped with the latest banking technologies, allowing customers to carry out their transactions with the highest levels of security and efficiency. This reflects the Bank’s ongoing commitment to providing customers with fast and convenient access to its services, whether in residential or commercial areas.

In a related context, Bukhamseen affirmed that the Bank is continuing its support—now in its fifth consecutive year—of the “Let’s Be Aware” (Diraya) banking awareness campaign launched by the Central Bank of Kuwait in collaboration with the Kuwait Banking Association. This initiative aligns with the Bank’s community engagement goals and contributes to promoting banking and financial literacy across all segments of society.

In their concluding remarks, Al-Jarrah and Bukhamseen commended the Central Bank of Kuwait for its exceptional regulatory and supervisory roles, as well as its consistent support. They also expressed their gratitude to the Capital Markets Authority for its supportive role in fostering an attractive and competitive investment environment in Kuwait. In addition, they praised the tireless efforts of all KIB teams, highlighting their contributions to achieving these results. They also expressed their profound appreciation to the Board of Directors and Executive Management for their ongoing support and wise guidance, which have been crucial in enhancing KIB's financial standing and meeting all environmental, social, and corporate governance requirements.