Kuwait – Mubasher: Kuwait International Bank (KIB) achieved a growth of 11.1% in profits during the fourth quarter of 2016 as compared to the same period a year ago.

Earnings increased to KWD 4.72 million ($15.46 million) in Q4-16 from KWD 4.25 million ($13.91 million) in Q4-15, according to a bourse statement issued on Wednesday.

During the fiscal year of 2016, KIB posted a rise of 13.8% in profits to total KWD 18.2 million from KWD 16 million in FY15.

The increase in profits resulted from higher net revenue of KWD 1.88 million, and a decrease in non-financing revenue by KWD 19.43 million.

According to the statement, KIB’s board has recommended a cash dividend of 10% or 10 fils per share for FY16. 

On the stock level, KIB gained 1.77% to close at 230 fils by the end of Wednesday, after 2.25 million shares were traded at a value of about KWD 511,800.