Al Ahli Bank Of Kuwait Dividend

Al Ahli Bank of Kuwait (ABK) concluded its Ordinary and Extraordinary General Meetings on Saturday, 16 April 2022. The General Meeting was held at 11:00 am followed by the Extraordinary General Meeting with an 92.337% voting rate. The event was held at the Bank’s Head Office Branch and all items on the agenda of the meetings were approved by a majority of 92.337%.

Mr. Talal Mohamed Reza Behbehani, Chairman of ABK, commenced the event by welcoming the shareholders and the attendees and thanking them for their presence. Mr. Behbehani presented the Annual Report for the Financial Year 2021, noting that the Bank reported an Operating Profit of KD 82.1 Million, up 12% compared to 2020. Net Profit reached KD 27.2 Million and profit per share reached 12 fils. The Bank’s total assets increased by 16% to KD 5.6 Billion. The Group’s Loans and Advances increased by 9% reaching KD 3.4 Billion and Customer Deposits increased by 12% reaching KD 3.9 Billion. The Bank’s Non-Performing Loan (NPL) ratio stood at 1.55% in 2021 with an NPL coverage of 357% in comparison to 1.57% and NPL coverage of 339% during 2020. The Capital Adequacy Ratio stood at 18.27%.

At the meeting, the shareholders approved the Directors’ Report covering the financial activities of ABK for the fiscal year ended 31 December 2021. The shareholders approved the Board of Directors’ recommendation to distribute 5% Cash Dividend (5 fils per share), and to distribute 5% Bonus Shares (5 shares per 100 shares) of the issued and paid-up capital,by issuing 85,066,227 new shares distributed as free bonus shares to the shareholders registered in the Bank’s records on Wednesday, 11/05/2022. The issued and paid-up capital will be increased by KD 8,500,622.700 Million from the retained earnings. The Board of Directors has been authorized to dispose of the fractional shares as it deems appropriate.

Ratings

The Group maintained strong investment-grade ratings of A (stable) from Fitch and A2 (stable) from Moody’s. These ratings reflect ABK’s healthy capital position and excellent liquidity, which is fully compli-ant with the Central Bank of Kuwait’s conservative and robust regulatory system.