BKME posts USD 49.5 mln in annual net profits
|
|
Posted on 2/8/2010
|
|
|
The Bank of Kuwait and Middle East (BKME) posted around KD 14.3 million (USD 49.5 million) in net profits in 2009 through operating profits worth KD 85 million.
In spite of the bank's precautionary policy amid the negative ramifications of the global financial crisis, the bank managed to achieve the aforementioned profits thanks to allocations involving additional precautionary voluntary allocations estimated at KD 47.1 million, the bank said in a press release on Sunday.
The bank posted a rise in its net operating profits hitting 51.1 percent, saving allocations and unrepeated items, something which indicates the favorable trend of the bank's profits for the coming years, BKME Chairman Hamad Al-Marzouq said.
The bank is going to distribute bonus shares, rather than cash money, with a view to shoring up the institution's capital base and fending off potential capital increase burdens on shareholders, he said.
The bank's profits are mainly due to the growth of performance in all sectors thanks to diversified revenues, expanded activities, distributed risks, growing attention to customers' requirements and high-quality and developed services, he added.
The next stage necessitates a necessary revamp and development of banking tools and products amid swift world changes, he added
|
|
|
|
|
|
|
|
|
Disclaimer: The views expressed here are strictly personal and IndiansinKuwait.com does not hold any responsibility on them. We shall endeavour to upload/publish as many of the comments that are submitted as possible within a reasonable span of time, but we do not guarantee that all comments that are submitted will be uploaded/published. Messages that harass, abuse or threaten other members; have obscene, unlawful, defamatory, libellous, hateful, or otherwise objectionable content; or have spam, commercial or advertising content or links are liable to be removed by the editors. We also reserve the right to edit the comments that do get published. Please do not post any private information unless you want it to be available publicly.
|