Mubasher: Kuwait International Bank (KIB) announced a 19.4% year-on-year drop in profits during the first quarter of 2019.

KIB’s profits amounted to KWD 6.21 million ($20.47 million) during Q1-19, down from KWD 7.7 million ($25.39 million) in Q1-18, according to a statement to Boursa Kuwait on Thursday.

The Kuwaiti lender attributed the drop in Q1-19 profits to a decrease in operating revenues, combined with higher operating expenses and provisions.

By the end of March, KIB’s shareholders approved the board’s recommendation to distribute 11% cash dividends and 4% bonus shares for the full fiscal year 2018.

In 2018, the bank’s profits rose 18% to KWD 20.89 million from KWD 17.7 million a year ago.