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BKME shows KD 14.3m net profit in 2009 |
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Monday
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08/02/2010 |
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Source :
Arab Times |
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The Bank of Kuwait & the Middle East realized net profits amounting to KD 14.3 million in 2009. The profit was generated by operating income to the tune of KD 85 million. |
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The Bank of Kuwait & the Middle East realized net profits amounting to KD 14.3 million in 2009. The profit was generated by operating income to the tune of KD 85 million. The Bank also succeeded to increase the net interest income by 35.6 percent.
On the other hand, and in line with the Bank’s prudent policy to safeguard against unforeseen economic circumstances on the aftermath of the local and international economic events, the Bank realize such profits after making provisions (includes additional precautionary provisions) in 2009 amounted to KD 47.1 million.
This reflects the Bank’s ability to smoothly withstand the fluctuations of the economic cycle. The total deposits go up by 3.8 percent to KD 1,988 million, the total assets increased by 1.1 percent to KD 2,261 million while total loans and advances increased by 6 percent to KD 1,561 million.
In his announcement of the Bank’s year-end Financial Statements, the Chairman & Managing Director Hamad Abdulmohsen Al-Marzouq said that the Bank has realize an increase of 51.1 percent in its core profit before provisions and non recurring items signifying a positive trend in profitability for the years to come.
He added that the Board of Directors has proposed to distribute stock dividend only with a view to support the capital base and to avoid the burden of capital increase on the shareholders. Mr. Al-Marzouq went on to say that the Bank’s operating performance and indicators witnessed, by the grace of Allah, marked growth during the last year and that these are good results; notwithstanding the initiative adopted by the Bank’s management to maintain extra general and precautionary provisions, in addition to the mandatory provisions computed in agreement with the Central Bank of Kuwait instructions and international accounting standards, in order to safeguard against the impact resulting from the world financial crisis.
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