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Thu 16 Feb 2012 02:26 PM

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Kuwait Finance House reports strong increase in revenues

Shareholders granted 15% cash dividends and 8% bonus shares

Kuwait Finance House reports strong increase in revenues

Kuwait Finance House (KFH) Chairman Samir Al-Nafisi announced that the bank achieved total revenues of KD872.1m for the fiscal year 2011 with an increase of KD135.8m and 18.4% over last year, and total profit for the same year reached KD234.8m, including profits for investment depositors that reached KD152.7m.

The profits will be distributed as follows: 1.920% for "Al-Khumasiya" investment deposit, 1.728% for "Al-Mustamera" continuous investment deposit, 1.344% for "Al-Sedra" deposit, and 1.152% for "Tawfeer" saving investment accounts.

Shareholders' net profit reached KD80.3 m, and earnings per share reached 30.2 fils.

In addition, the board of directors recommended granting shareholders 15% cash dividends and 8% bonus shares subject to the approval of the general assembly and regulatory authorities.

Total Assets increased to KD13.5bn with and an increase of KD912m and 7.3% over last year, while deposits increased to KD8.9bn with an increase of KD1.2bn and 16.1% more than last year. Total shareholders' equity reached KD1.292bn with an increase of KD2m.

Al-Nafisi mentioned that this success was achieved through prioritizing international standards in quality of assets, which cemented financial performance in light of the developments that local and global markets had gone through.

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