Mubasher: KIB has reported 17.9% lower annual profits for the fiscal year ended 31 December 2019.
The profits amounted to KWD 17.15 million ($56.56 million) last year, down from KWD 20.89 million ($68.9 million) in 2018, according to a statement to the Kuwaiti bourse on Monday.
Earnings per share (EPS) fell to 15.01 fils in 2019 from 21.52 fils.
The Kuwaiti bank attributed the decline in FY19 profits to higher operating expenses and provisions that were offset by an increase in operating income.
Over the fourth quarter (Q4) of last year, the profits retreated by 19.7% to KWD 4.3 million from KWD 5.4 million in the same quarter in 2018.
During its meeting held on Monday, KIB’s board recommended a cash dividend distribution of KWD 6.8 million or seven fils per share as well as the bonus shares distribution of 53.94 million shares worth KWD 5.4 million or 5-for100 share for fiscal year 2019.
It is worth pinpointing that over the nine-month period of last year, KIB’s profits slipped by 17.3% at KWD 12.8 million from KWD 15.5 million in the same period in 2018.
