Higher expenses hit full-year profit at Islamic bank Kuwait International

Shariah-compliant Kuwait International Bank posted a 17.9% drop in profit to 17.15 million dinars ($56.4 million) last year from 20.89 million dinars in 2018.

The drop is mainly due to an increase in operating expenses, the bank said in a bourse filing on Monday (Feb 3).

KIB’s expenses increased by 10.1% to 39.51 million dinars. This was only marginally offset by the 2.8% rise in income to 68.51 million dinars.

The bank’s assets reached 2.69 billion dinars, up 23.93% from the end of 2018.

KIB is 35.87% owned by Bukhamseen Group Holding and 8.04% by pension fund The Public Institution for Social Security.

($1 = 0.30 Kuwaiti dinars)

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