KUWAIT, Jan 23: The Central Bank of Kuwait said that local banks can distribute cash dividends to their shareholders in proportion to their business results and net profit achieved in 2020, in light of the strength and durability of their financial statements.
Kuwaiti banks have demonstrated strength and durability with their levels of capital adequacy and have not used capital precautionary blockers in 2020, CBK explained in a statement.
Kuwait’s monetary authority added that it is currently reviewing the financial statements of Kuwaiti banks for the fiscal year which ended on December 31, 2020, in preparation for the issuance of approval for the data.
Measures it has taken in light of the exceptional circumstances and repercussions of the COVID-19 pandemic on the country’s economic and banking conditions have been mainly aimed at stimulating growth in bank credit and stimulating economic activity, CBK added.(KUNA)