102% increase in the quarterly profits of “KFH”, with a recommendation to distribute free cash

Kuwait-Mubasher: The profits of Kuwait Finance House “KFH” increased in the fourth quarter of 2022 by 101.7% on an annual basis, with a recommendation to distribute cash and bonus shares. According to a statement to the Kuwait Stock Exchange today, Monday.

KFH achieved profits in the three months ending December 31, 2022 of about 151.94 million dinars, compared to a profit of 75.33 million dinars during the same period of 2021.

In the last fiscal year, KFH’s profits increased by 47% to record 357.72 million dinars, compared to a profit of 243.41 million dinars during the previous year.

KFH announced the Central Bank of Kuwait’s approval of the Board of Directors’ recommendation to distribute cash dividends of 15% of the nominal value of one share, at 15 fils per share, as well as the distribution of bonus shares of 10% of the issued and paid-up capital, equivalent to 10 shares for every 100 shares.

KFH attributed the increase in net profit mainly to the compilation of the results of Ahli United Bank Group for the period from the date of the actual acquisition last October 2 until the end of the last fiscal year, as the contribution of “Ahli United Bank” to the net profit of the bank’s shareholders amounted to about 62.49 thousand dinars. And by 17.5%.

The contribution to the total operating income amounted to about 109.12 thousand dinars, or 10.2%, in addition to the increase in the revenues of the main activities of the group during the year 2022.

KFH indicated that the increase in total operating income amounted to 32.2%, including an increase in net financing income by 36.7%, and an increase in net operating income by 43.8%, in addition to a decrease in provisions and the value charged to the consolidated statement of income by 54.1%. compared to the previous year.

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KFH said that this was offset by proving the losses resulting from the application of International Accounting Standard No IAS29 on the subsidiary bank in Turkey as a result of high inflation rates by about 127.6 million dinars, including the share of controlling interests.

It is noteworthy that KFH recorded profits for the first nine months of the year 2022, at a value of 205.77 million dinars, an increase of 22.4% compared to its level in the corresponding period of 2021, which amounted to 168.09 million dinars..

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