Kuwait – Mubasher: Fitch Ratings affirmed the Long-term IDRs of Kuwait International Bank (KIB) at 'A+', with Stable outlook the bank said on Tuesday.

KIB's Viability Rating reflects the bank's modest but improving franchise and evolving strategy. It also factors in high legacy exposure to domestic real estate and fairly high turnover of senior management over the past few years, which in Fitch's view hinders the implementation of strategic objectives. The VR is underpinned by adequate earnings and acceptable capitalisation, said Fitch.

It added that KIB's VR could be upgraded with management executing its new strategy leading to an improvement in its franchise, risk appetite and asset quality.

 KIB earlier posted KWD 11.75 million ($38.68 million) profit for the first nine months of 2015, up from KWD 9.95 million ($32.76 million) in the prior-year period.