Mubasher: Kuwait International Bank (KIB) has inked an agreement to sell its $74.11 million (KWD 22.74 million) exposure to NMC Healthcare in exchange for $13.25 million (KWD 3.98 million).
KIB has granted this exposure to NMC Healthcare in the previous financial year, according to the bank's disclosure to Boursa Kuwait on Monday.
This agreement does not have a present impact on the bank's financial position.
It is noteworthy to mention that during the first quarter (Q1) of 2021, the bank's net profits declined by 63.4% to KWD 1.01 million, compared to KWD 2.76 million in the year-ago period.
