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Kuwait Finance House-Bahrain has reaffirmed its long term commitment to projects in Bahrain and overseas despite a dip in profits.
The Islamic lender posted a profit of around 157 million Kuwaiti dinars (BD204 million) to the end of 2008, down from 275million in 2007.
Reuters calculated the net loss at 63.7 million Kuwaiti dinars in the fourth quarter based on previous figures.
The board is recommending a 40 per cent cash dividend and 12 per cent stock dividend which is still to be approved.
Chairman and managing director Bader Al Mukhaizeem said the results were achieved during the trying circumstances that the markets are going through.
He said global expansion plans are on track with KFH having obtained a licence for the Saudi Kuwait Finance House (Saudi-KFH) with a capital of half a billion Saudi riyals.
Mr Al Mukhaizeem added that KFH has also increased its branches abroad to 175 with 113 in Turkey and others in Malaysia, Singapore and Australia and investment in major international projects in China and the Durrat Al Bahrain.
He went on to reveal that KFH continues to play a significant social role through generous donations to licensed social organisations and Abdulhakeem Alkhayyat, CEO and managing director of KFH-Bahrain, reaffirmed the long term vision of KFH in relation to its projects in Bahrain, re-assuring that the bank will not stop supporting these projects, while taking prudent steps in their execution.
