Kuwait Finance House “KFH” held its ordinary general assembly meeting for the election of independent and un-independent board members for the next 3 years session (15th Session – 2020 - 2022). The general assembly meeting resulted into the election of the undermentioned nominees.

Kuwait Finance House chairman, Hamad Abdulmohsin Almarzouq, who has chaired the general assembly meeting, commenced his speech by extending his thanks and gratitude to the shareholders for the trust they have bestowed upon the Board of Directors over the last 6 years. The Board has won the unanimous recommendation of all private sector shareholders.

He added that the elections held during the assembly meeting were conducted to complete all formalities related to the election of the standby board members.

Almarzouq emphasized that the positive environment witnessed, at both the Board and executive management levels during the last 6 years, had a positive impact in supporting the bank operations during the two preceding board sessions. KFH achieved a distinguished performance in the banking sector on both local and regional levels where the bank recorded high positive results from all aspects.

He reiterated that the results which the bank achieved during the last 6 years 2014 - 2019 would not have been achieved without the support of the bank’s shareholders from both private and public sectors.

Board’s Achievements During the 6 years period

Almarzouq presented, during the general assembly meeting convened at KFH head office with a quorum representing 77.331%, the Board achievements during the past 6 years. Profit increased from KD 126.5 Million in 2014 to KD 251 Million at the end of 2019, marking an increase by 98%.

Net finance income marked an increase by 32% to reach KD 530 Million in 2019 compared to KD 400 Million in 2014

Shareholders’ equity index recorded an increase by 18% to reach KD 2.06 Billion in 2019 compared to KD 1.74 Billion in 2014.

Cost/income ratio declined from 51.26% in 2014 to 37.36% in 2019.

Almarzouq stated that the bank asset quality has increased remarkably during the said period, thus resulting into a decline in the non-performing financing from 3.94% in 2014 to 1.88% in 2019 as per CBK. Coverage by total provisions increased from 132% to 232% during the said 6 years period.

Almarzouq added saying "There is no doubt that the bank would not have achieved these positive and remarkable results without shareholders support, thus providing the basic stable environment required to achieve targeted results and shareholders aspirations.

The general assembly meeting was followed by a meeting held by the new board of directors where Mr. Hamad Almarzouq was elected as the chairman of the board by recommendation and Mr. Abdulaziz Alnafisi as the vice chairman by recommendation. All bank business committees were formed as per the bank articles of association and CBK governance rules and regulations.