KUALA LUMPUR, May 13 (Bernama) -- Kuwait Finance House (Malaysia) Bhd (KFHMB) recorded a net loss of RM30.9 million for the year ended Dec 31, 2009 following higher allowances and impairment for losses on financing of RM184.7 million.

The group's revenue for the year stood at RM485.0 million, the company said in a statement Thursday.

Despite the tough operating environment, KFHMB said it continued to provide support for its customers with a total distributable income amounting to RM162.3 million.

Total assets grew 20.1 per cent to RM11.6 billion, from RM9.6 billion a year earlier while its core capital ratio and risk-weighted capital ratio (RWCR) stood at 19.9 per cent and 23.8 per cent, respectively.

KFHMB said this was well above the Islamic banking industry average of 11.9 per cent and 14.4 per cent, respectively, as at March 30, 2010.

Total deposits amounted to RM8.5 billion while shareholders' equity increased 28.7 per cent to RM2.3 billion.

KFHMB Chairman Shaheem Al Ghanem said the bank's strong capital position allowed it to take an aggressive provisioning stance.

He said the bank had drawn up a robust business plan with a more focussed business direction targetted at business growth, better processes, enhancement of asset quality, recovery and cost optimisation.

-- BERNAMA