Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

CBK Plans To Convert To Full-Fledged Islamic Bank  Join our daily free Newsletter

MENAFN - Arab Times - 05/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) Commercial Bank of Kuwait, the Gulf state's fifth largest lender by assets, said a majority of shareholders had approved a plan to convert the bank into a full-fledged Islamic lender, state news agency KUNA reported



The bank's chairman Ali Mousa Al Mousa was quoted as saying on Wednesday that 85 percent of shareholders had approved the move, adding that the measure would still require further approvals



"Though the majority of the shareholders voted for the move which was on the top of the agenda of the ordinary meeting, the decision does not take immediate effect - it is just a first step in a legal process involving several studies and approvals," he noted



"The General Assembly also approved the issuance of subordinate bonds with a total value of KD 120 million in keeping with the bank's plans for expansion and the provisions of Basel III," Al-Mousa disclosed



On the financial results of 2013, Al-Mousa affirmed the bank's commitment to the principles of corporate governance in all its policies and activities which are subject to constant revision



"The shareholders' equity in the bank grew by 1.8 percent to KD 562 million, compared with the previous year, which ranked the bank as the third largest in Kuwait



"The total value of assets grew by 7.1 percent y/y to KD 3.9 billion, thus ranking as the fifth largest in the country's banking sector," Al-Mousa went on to say



"The volume of credits offered to clients last year topped KD 2.3 billion, reflecting an increase of KD 189.3 million or 8.9 percent y/y," he said noting that there was a boom in the bank's overseas credits which grew to KD 71 million



The operating and net profits hit KD 102 million and KD 23.5 million respectively in 2013 with the capital adequacy ratio standing at 18.38 percent and the ratio of non-performing loans (NPLs) to the gross loans hitting 1.35 percent



The aggregate provisions were KD 128.2 million, resulting in provision coverage for NPLs at 367 percent, compared with 169 percent in 2012, he added



The General Assembly also approved the recommendation of the Board of Directors to distribute cash dividends of 7 fils per share and bonus shares amounting to 11 percent for each 100 shares

 


Arab Times




  MENA News Headlines
 Oct 1 2014 - GCC needs to produce dynamic non-oil sectorMENAFN
(MENAFN) According to the International Monetary Fund (IMF), in order to maintain sustainable growth, the Gulf Co-operation Council (GCC) countries have to produce a dynamic non-oil tradable sector ...

 Oct 1 2014 - Kuwait to host 23rd Gulf Cup of NationsArab Times
(MENAFN - Arab Times) KUWAIT CITY Sept 30 (KUNA): Kuwait will host the 23rd edition of the Gulf Cup of Nations Kuwait Football Association (KFA) Secretary General Saho Al-Saho said Tuesday. Al-Saho ...

 Oct 1 2014 - Abu Dhabi airport's passenger traffic up 24.8 percent in AugustMENAFN
(MENAFN) Abu Dhabi International Airport's passenger traffic increased by 24.8 percent in August compared to the same month last year, with a total of 1.920.934 passengers passing through the airport ...

 Oct 1 2014 - US Mondelez International to invest USD90m in plant in BahrainMENAFN
(MENAFN), the packaged food company, announced it is planning to build a USD90 million biscuit plant in Bahrain, which will help the company reduce costs and meet growing demand for its biscuits, ...

 Oct 1 2014 - Oman interested to invest in CyprusMENAFN
(MENAFN) Oman's Minister of Oil and Gas said that the country is very interested in investing in Cyprus, particularly in the field of research and exploitation of natural gas, Muscat Daily ...

 Oct 1 2014 - Emirates to launch new Dallas flightsMENAFN
(MENAFN) Emirates announced it has launched its first scheduled A380 daily service to Dallas Fort Worth International Airport, Gulf Business reported.The airline said it expects that the business ...

 Oct 1 2014 - Dubai Development Co. considering several offers of merger or acquisitionMENAFN
(MENAFN) Dubai Development Co, the company responsible for the Mirdif area of the emirate, announced it is considering several external offers of merger or acquisition, Arabian Business reported.The ...

 Oct 1 2014 - Etihad Rail starts on second phase of USD11bn UAE rail networkMENAFN
(MENAFN) Etihad Rail, the UAE's railway developer, announced it is set to secure government funding and award contracts for the construction of the second phase of its USD11 billion national rail ...

 Oct 1 2014 - Oman Sail teams upbeat over ESS Act 7 challengeMuscat Daily
(MENAFN - Muscat Daily) As the 2014 Extreme Sailing Series (ESS) gears up for Act 7 in Nice France to be held later this week Oman Sail's teams on The Wave Muscat and Oman Air are relishing the ...

 Oct 1 2014 - Oman settles for seventh place in Asiad hockeyMuscat Daily
(MENAFN - Muscat Daily) Basim Khatar struck the winner for Oman as it rallied from a goal down to defeat Bangladesh 3-2 in a playoff and clinch the seventh place in hockey in the 17th Asian Games at ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help