Shareholders' net profit reached KD80.3 m, and earnings per share reached 30.2 fils.
In addition, the board of directors recommended granting shareholders 15% cash dividends and 8% bonus shares subject to the approval of the general assembly and regulatory authorities.
Total Assets increased to KD13.5bn with and an increase of KD912m and 7.3% over last year, while deposits increased to KD8.9bn with an increase of KD1.2bn and 16.1% more than last year. Total shareholders' equity reached KD1.292bn with an increase of KD2m
Al-Nafisi mentioned that this success was achieved through prioritizing international standards in quality of assets, which cemented financial performance in light of the developments that local and global markets had gone through.
Moreover, Al-Nafisi stated that 2011 witnessed KFH's strong operating performance, which highlights the bank's robust status in various fields of business, despite challenging local and global developments, not to mention the intense competition that the Islamic financial services industry witnesses in various markets.
Nonetheless, KFH managed to underline its leadership in markets and products that are expected to trigger a paradigm shift in the business of Islamic banks, such as focusing on Sukuk that is considered to be a pivotal tool in solving the financing dilemma. In addition, Al-Nafisi said that international rating agencies and specialized economic organizations continue to affirm KFH positive ratings and recognize KFH performance through awards, including Best Islamic Bank in the World Award by Global Finance.
Furthermore, KFH launched a new 5-year strategy and a transformation programme based on three pillars to improve the bank's performance and overcome challenges, which will allow KFH to maximize profits and reinforce its leading status in the Islamic financial field. Al-Nafisi went on to say that the new strategy is based on developing the banking performance in Kuwait and the investment portfolio of the group, in addition to increasing the coordination among KFH and its subsidiary banks.
He revealed that KFH managed to increase the ratio of operating profits to total profits.
Concerning global expansion, Al-Nafisi stated that KFH Group is gaining more ground worldwide, and that KFH's subsidiaries in Turkey, Malaysia, and Bahrain are playing a leading role in cementing trading and economic relationships among the countries they operate in, Kuwait, and the GCC.
Al-Nafisi highlighted the fact that KFH is keen to increase its local market share in all fields and to offer its clients competitive products and services. He went on to say that KFH is eager to continue enhancing its social responsibility role, and to further enhance the abilities and skills of its employees through offering them advanced training programmes; thus allowing them to offer KFH's clients innovative services and products.
Source: http://www.ameinfo.com/290348.html
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