The Industrial Bank of Kuwait (IBK) recorded an 18 percent asset increase over the course of fiscal year 2001. It issued 200 percent more industrial loans during the same period, reaching 20.3 million Kuwaiti dinars ($66.6 million) designated to 27 individual ventures, reported KUNA.
IBK’s shareholder’s equity reached KD 139 million in 2001 compared with KD 131 million in the previous year, compelling the General Assembly to distribute 13 percent cash profits to its shareowners.
IBK was established in 1973 to promote and finance industrial and agricultural projects in Kuwait. In addition to financing industrial projects, following up their progress and success, and providing comprehensive financial and banking services to clients, the bank offers, technical, financial, marketing and administrative counseling to the industrial sector. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
