Tuesday, March 9, 2021

“Kuwait National” decides to double its capital to 5 billion pounds

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The Board of Directors of “National Bank of Kuwait Egypt” decided to double the authorized capital of the bank from 2.5 billion pounds to 10 billion pounds to accommodate the planned and future increase in the issued and paid-up capital, subject to the approval of the Central Bank of Egypt.

He added that it was also decided to double the issued and paid-up capital from 1.5 billion pounds to 5 billion pounds, an increase of 3.5 billion pounds, distributed over 350 million shares, with a nominal value of 10 pounds per share, by 2.3 free shares for each original share with reparation of fractions in favor of small shareholders.

He pointed out that the financing of the increase will be from the retained earnings according to the bank’s financial statements for the past year, subject to the approval of the Central Bank of Egypt.

It also decided to amend Articles 4-6-7 of the Bank’s Articles of Association to be submitted to the Bank’s Extraordinary General Assembly, subject to approval by the Central Bank of Egypt.

The Board of Directors also approved the disclosure form for the purpose of amendment in accordance with Article 48 of the registration rules regarding the conduct of the capital increase procedures, subject to the approval of the Central Bank of Egypt.

The profits of “National Bank of Kuwait Egypt” decreased by 33.2% during the past year to reach 1.44 billion pounds, compared to a net profit of 2.16 billion pounds during the previous year 2019, taking into account the rights of the minority shareholders.

Interest income decreased during the past year to reach about 3.26 billion pounds by the end of December 2020, compared to 3.76 billion pounds during 2019.

The bank’s profits decreased by 34% during the first nine months of this year, to reach 1.09 billion pounds, compared to a net profit of 1.66 billion pounds in the comparative period of the previous year 2019, taking into account the rights of the minority.

Interest income decreased during the period to 1.99 billion pounds, compared to revenues of 2.31 billion pounds in the comparative period last year.

Earlier, the Ordinary General Assembly of “National Bank of Kuwait Egypt” agreed to distribute a cash coupon to shareholders worth 1.25 pounds per share for the profits of the year ending on December 31, 2019.

The cash distribution will total 187.5 million pounds to shareholders in two installments, of which 75 million pounds are a first share, and 112.5 million pounds a second share.

The extraordinary general assembly agreed to amend Article 4 and Article 53 of the Bank’s Articles of Association.

21104885 AR 1584264863 Capture “Kuwait National” decides to double its capital to 5 billion pounds

Earlier, the bank’s board of directors proposed a cash distribution of EGP 1.25 per share to shareholders for the profits for the year ending on December 31, 2019.

The bank’s profits increased by 8% during the past year to reach 2.17 billion pounds, compared to the net profits of two billion pounds during the previous year 2018, taking into account the rights of the minority shareholders.

Net income from the revenue increased during the past year 2019 to reach 3.1 billion pounds, compared to a return of 2.77 billion pounds in the previous year.

The bank achieved a growth in net activity revenues by 9%, to reach 3.77 billion pounds during the past year, compared to 3.46 billion pounds at the end of 2018.

The bank said that these results came from the bank’s strategy that it has pursued in the Egyptian market, since January 2018, which aims to increase the market share by expanding the banking services provided to customers.

The profits of “National Bank of Kuwait Egypt” increased by 33% during 2018, to reach 2 billion pounds, compared to a net profit of 1.5 billion pounds during the previous year, taking into account the rights of the minority shareholders.

The bank’s net income from the revenue increased during the past year to reach 2.77 billion pounds, compared to a total return of 2.44 billion pounds in 2017.

The article “Kuwait National” decided to double its capital to 5 billion pounds, it was written in the Al-Borsa newspaper.

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“Kuwait National” decides to double its capital to 5 billion pounds