Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait - KFH general assembly OKs dividend, bonus shares   Join our daily free Newsletter

MENAFN - Arab Times - 25/03/2014
No. of Ratings : 0
Add to Mixx!


(MENAFN - Arab Times) Kuwait Finance House (KFH) general assembly for the fiscal year ending Dec 31, 2013 that was held on Sunday at KFH Head Quarter, approved the recommendations of the Board of Directors to distribute cash dividends by 13% of the par value of the share (equivalent to 13 fils per share) and bonus shares by 13% (equivalent to 13 fils per 100 shares). This applies to shareholders registered on the day of holding the extraordinary general assembly. Moreover, the general assembly approved all the points on the agenda. Mohammad Ali Al-Khudairi, KFH Chairman, stated during the assembly that the bank managed to achieve positive results despite the continuous unfavorable economic conditions worsened by the weak growth in many countries and the ongoing political unrest in the region. He highlighted the success KFH achieved in increasing the capital of the Bank, managing risk, and complying with the Capital Adequacy Standards, not to mention the strong readiness to respond to the Basel III Accord which is in line with KFH's strategy for achieving sustainable success amidst the rapid and ongoing developments in the banking sector. This reflects KFH's strong financial position and efficient performance



Al-Khudairi added: "we have outlined strategic direction since 2012 that would enable us to overcome the potential challenges that could affect the regulatory, economic and operational environment and to adequately respond to the regulatory requirements, while ensuring customer centricity by catering to all their needs". He continued: "We strive to continue upholding leadership and excellence in everything we provide". He stressed that KFH's Shari'a compliant business model, solid financial position, efficient control systems, prudent risk management practices, on-going efforts of our Bank's Executive Management and sound investment decisions are very essential to ensure KFH continuous success and promotion to the most trusted and sustainably most profitable Shari'a compliant bank in the world.

Al-Khudairi explained that KFH's strategy focused on leading global development in Shari'a compliant financial services, benefiting from the Transformation and Restructuring Program efforts, which was successfully completed towards the end of 2013, expanding services to KFH's wide client base and determining the optimal asset allocation for investment activities through pursuing prudent divestiture from specific investments and consolidating KFH's portfolio in specialized companies through establishing three companies for investment functions. The companies are KFH- Real Estate, KFH-Investment, and KFH-Capital aiming at getting rid of some duplications in activities, expanding the circle of strategic supervision, and seizing investment opportunities





He said that KFH will continue to allocate adequate precautionary provisions in a quest to protect KFH from potential or unpredicted future risks, and to ensure safety to KFH-Group, in addition to reduce costs on the Group level that have been decreased in 2013 over 2012 with maintaining the efficiency level.

Al-Khudairi indicated that the new structure of KFH is characterized by stability and it takes into account comprehending prudent corporate governance standards. KFH strives to implementing mechanisms of set plans that aim at achieving growth and ensuring convergence among the Group units and activities, in addition to streamlining procedures which reflected positive results on all Grp level revenues resources. This is evident in in the financial results of the fiscal year 2013 where KFH achieved, by the Grace of Allah and His Blessings, net profit KD 116 mln, earnings per share 32.69 fils, total Assets reached KD 16.1 bln, an increase of 10 % over last year, while customer deposits reached KD 10.1 bln, compared to KD 9.4 bln last year, an increase of 8%. These numbers reflect robust financial position


Al-Khudairi stated that 2013 witnessed huge exerted efforts in the field of comprehending corporate governance requirements which were crowned with the issuance of KFH's Corporate Governance Manual incompliance with the instructions of regulatory authorities. In addition to the documented policies on corporate governance approved by the Board of Directors, KFH's strategies on corporate governance were drawn up to respond to all local and regional legal and regulatory requirements.



Furthermore, the necessary measures were taken to promote the culture of corporate governance within KFH Group and to apply best practices so as to carry out their functions responsibly. This will bolster not only the rights of share-holders but it will also protect the long term interests of the Group.

He added that KFH takes a leading position in providing quality services and products in addition to launching initiatives for economic development and the welfare of society. As an emphasis of this role, we managed to launch the Third Sustainability Report for KFH, in accordance with GRI (Global Reporting Initiative) Sustainability Guidelines. The report summarizes the contributions made by KFH in making positive change in the areas where we operate and represents a part of the efforts put forth by KFH during the year in order to achieve sustainable growth.





He went on to say that as part of KFH's social responsibility, several ambitious initiatives and programs have been implemented to support Kuwait Zakat House and other educational, rehabilitation, cultural and humanitarian organizations. During the year, KFH donated nearly KD 3.5 million in support of Zakat House charitable projects and activities. Furthermore, KFH played an active role in supporting and fostering the environment as well as supporting academic events and seminars.



Illustrated

Moreover, KFH Credit Ratings & Global Awards KFH, for the second consecutive year, maintained its prestigious international credit ratings issued by the leading international rating agencies as illustrated in the table. KFH's credit ratings in 2013 Emeafinance also accorded KFH many awards during the year including the 2013 Middle East Islamic Bank of the Year, the 2013 Kuwait's Bank of the Year and, the 2013 Kuwait's Islamic Bank of the Year. It also accorded KFH the Sovereign Sukuk of the Year Award.

Al-Khudairi emphasized that the success and positive results that have been achieved in 2013 were by the grace of Allah the Almighty and to Him goes our thanks first and foremost, besides KFH's shareholders support and confidence, KFH's clients and suppliers for selecting KFH and its products and services promising them to continue the course of development and attain best achievements and positive results. Al-Khudairi expressed sincere thanks to Executive Management team and all employees of KFH, who are the most valuable asset, for their distinguished efforts and positive approach to challenges they faced and the results they have achieved



MENAFN2503201400960000ID1093794361

 


Arab Times




  MENA News Headlines
 Jan 24 2017 - Ukraine to have huge participation in theAnnual Investment Meeting (AIM) in DubaiMENAFN Press
(MENAFN Press) Set to be held on April 2-4, 2017 at the Dubai World Trade Centre, the Annual Investment Meeting (AIM) expects a huge participation of Ukraine that is one of the Official Supporting ...

 Jan 24 2017 - Ahlibank posts profit of QR631.7mn in 2016Gulf Times
(MENAFN - Gulf Times) Ahlibank posted a net profit of QR631.7mn in 2016 even as the bank saw its balance sheet grow by 18.2% to QR38bn last year. Last year's net profit is only marginally lower than ...

 Jan 24 2017 - Etihad Airways chief Hogan to step downGulf Times
(MENAFN - Gulf Times) Abu Dhabi-based Etihad Airways said on Tuesday its chief executive officer James Hogan will step down in the second half of 2017 after leading the fast-growing Gulf carrier for ...

 Jan 24 2017 - Valuations conference hosted by Deloitte and Amwal Corp. attracts over 45 companiesMENAFN Press
(MENAFN Press) Deloitte in collaboration with Amwal Advisory Corp. hosted a 3-day conference in Dubai discussing investment portfolio management and valuations with one of the world’s leading ...

 Jan 24 2017 - The broad and diversified French offer at MEDLAB 2017 - 11 French companies at MEDLAB - A robust upstream attendance at ARAB HEALTH - 130 companiesMENAFN Press
(MENAFN Press) United Arab Emirates, January 24th, 2017 - 11 French companies will be exhibiting in an area of 144m² at the world's largest laboratory trade fair in Dubai on 6-9 February 2017. ...

 Jan 24 2017 - Chinese warships tour Gulf Arab states for first time in 7 yearsMENAFN
(MENAFN) Chinese warships have embarked on a tour of Gulf Arab states for the first time in six years as Beijing has signalled a desire to play a bigger role on the global stage.In detail, three ...

 Jan 24 2017 - Opel Astra snatches leadership from Renault LoganDaily News Egypt
(MENAFN - Daily News Egypt) Opel Astra managed to stay on the top of the list of sold European cars in Egypt during the first 11 months of 2016, as sold European cars together achieved sales of EGP ...

 Jan 24 2017 - UK backs Bahrain parliament as it halts reforms and support executionsMENAFN
(MENAFN) The British government is using a multi-million pound aid programme to fund Bahrain's parliament while the Gulf country bans opposition parties, reverses human rights reforms and carries out ...

 Jan 24 2017 - Iraq orders investigation into abuses reported in Mosul battleMENAFN
(MENAFN) Iraqi Prime Minister Haider al-Abadi on Monday ordered an investigation into allegations that members of Iraq's security forces and a Shia paramilitary group had kidnapped and abused ...

 Jan 24 2017 - Bahrain court hears Twitter 'evidence' against activistMENAFN
(MENAFN) The prosecution in a Bahraini court on Monday presented what it said was evidence against prominent rights activist Nabeel Rajab, accused of spreading "false information" about the kingdom, ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help