Kuwait’s Ahli United Bank’s 2011 Net Profit Posts KD 31.5 million

Ahli United Bank, Kuwaiti lender, announced net profits amounting to KD 31.5 million for 2011, in addition to provisions reaching KD 19.8 million.

The Chairman and Managing Director of Ahli United Bank Hamad Al-Marzouq announced the annual results in a press conference, held on the sidelines of the bank’s General Assembly meeting on Monday.

The bank’s total operating income for 2011 recorded KD 77.4 million, with total assets at KD 2,454.3 million at the end of 2011, the chairman added.

Al-Marzouq noted as well that the regulatory capital adequacy ratio of the bank stands at 21.3 percent.

The chairman said that “given such excellent results, the Board of Directors recommends the distribution of 15 percent cash dividend (15 fils per share) and bonus shares of 5 percent (one share per 20 shares) for financial year, which ended on December 31, 2011, to maintain a strong position of the bank’s capital base.”

During the General Assembly meeting, board members also agreed to expand the bank’s capital from KD 112.6 million to KD 118.3 million, based on issuing shares worth KD 56.3 million, distributed freely to registered shareholders, KUNA reported.