The financial statements of Kuwait International Bank (KIB) registered an increase of 37.6% in profits during the third quarter of 2018 compared to the same period in the previous year.
Earnings enlarged to KWD 3.51 million ($11.6 million) in Q3-18 from KWD 2.55 million ($8.43 million) in Q3-17, according to a bourse filing on Wednesday.
During the nine-month period that ended on 30 September 2018, KIB achieved a growth of 15% in profits to KWD 15.48 million from KWD 13.47 million in the corresponding period a year ago.
The increase of 9M profits is attributed to higher operating revenues against partial growth in operating expenses.
It is noteworthy that in the first six months of 2018, the bank posted a growth of 9.6% in profits to KWD 11.97 million compared to KWD 10.92 million in the same period in 2017.
At the stock level, KIB closed Wednesday’s session 0.43% higher at 231 fils.