KFH holds its General Assembly Meeting
Despite economic challenges, bank reports remarkable and well balanced performance during 2016: Chairman
Following is the message by KFH Chairman, Hamad Abdulmohsen Al-Marzouq during the General Assembly Meeting for the financial year ended on Dec 31, 2016.
– Editor
with banks and financial institutions, and short term murabaha reached KD 4.4 billion.
KFH Kuwait non-performing financing ratio declined to 1.67 percent at the end of 2016 compared to 1.98 percent in 2015. Group non-performing financing ratio declined to 2.58 percent compared to 3.03 percent in 2015.
Depositors’ accounts reached KD 10.7 billion while total due to banks and financial institutions reached KD 2.9 billion as at the end of 2016.
Shareholders’ equity increased to reach KD 1.810 billion ie an increase by 1.8 percent compared to KD 1.779 billion as at the end of 2015. Capital adequacy ratio calculated as per Basel lll regulations reached 17.88 percent as at the end of the year, thus exceeding the 15 percent ratio determined by CBK.
The board proposed the distribution of cash dividends by 17 percent as at the year ended 31st December 2016 (17 percent in 2015) and the issuance of bonus shares by 10 percent (10 percent in 2015) of paid up capital subject to ordinary general assembly approval and finalization of legal procedures.
Directors remuneration reached KD 772 Thousand (KD 610 Thousand in 2015) which is considered within the limit permissible as per local regulations and subject to ordinary general assembly approval.