Mubasher: Kuwait Finance House (KFH) achieved a growth of 10% in profits during the fourth quarter of 2017 compared to the same period a year ago.
Earnings increased to KWD 46.29 million ($154.8 million) in Q4-17 from KWD 42.1 million ($140.8 million) in Q4-16, according to a bourse statement issued on Sunday.
In fiscal year 2017, KFH’s profits increased by 11.5% to KWD 184.16 million compared to KWD 165.23 million in FY16.
The leading bank clarified that the increase in profits is attributed to higher operating profits by 8.1% or KWD 53.6 million when compared to FY16.
KFH added that this growth was also due to lower general and administrative expenses as well as amortistion and offset expenses by 3.1% or KWD 3.8 million.
The board members recommended a cash dividend of 17% or 17 fils per share for FY17 as well as 10% bonus shares or 10-for-100 shares; these dividends are equal to FY16 distributions.
Cash dividends and bonus shares for FY17 will be granted to shareholders of records on the maturity date 5 April 2018, while the distribution day will be on 10 April.
