Mubasher: Kuwait International Bank (KIB) reported an 18% profit hike to KWD 20.89 million ($69.03 million) in 2018, against KWD 17.7 million ($58.49 million) in 2017.

The bank attributed the annual profit increase to the rise in operating revenues and a decrease in provisions, it said in its financial results published on Boursa Kuwait.

As for the fourth quarter of 2018, the Kuwaiti lender’s profits grew 27.9% to QAR 5.41 million from QAR 4.23 million in the same period in 2017.

The Kuwait-based bank’s board of directors recommended distributing total cash dividends of KWD 10.27 million at 11 fils per share and 5% bonus shares amounting to a total value of KWD 4.15 million.

During the first nine months of 2018, KIB had posted a 15% profit increase to KWD 15.48 million from KWD 13.47 million in the corresponding period a year ago.

KIB’s stock rose 1.4% to close at 290 fils on Thursday.