KUWAIT: Al-Ahli Bank of Kuwait (ABK) announced operating profits of KD 80.4 million for the financial year ended 31 December 2012, compared to KD 79.6 million in 2011. The earnings per share was 20 fils, and return on assets was 1%, while Return on Equity was 6%. Net profit amounted to KD 30 million. The decrease in profits compared to the previous year is mainly attributed to the increase of general and specific provisions taken by the Bank against the irregular credit facilities, and to face the difficult operating conditions. The total credit provisions taken during 2012 amounted to KD 41 million.
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The capital adequacy had improved to 27.7% v/s 25.1% in 2011 and was highest in the banking sector in Kuwait, and possibly among the highest in the region. This indicates the strong position of the Bank to cope with the difficult economic circumstance and absorb any future shocks. The board of directors has recommended to the general assembly a cash dividend 6% of the nominal value per share (6 fils per share), and 7% bonus shares (7 shares per 100 shares) to be distributed to the shareholders registered in the bank’s records as on the date of the general assembly meeting.
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