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KFH says Turkish unit did not receive request from regulators to write off loans

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KFH says Turkish unit did not receive request from regulators to write off loans

Kuwait Finance House KSCP said its Turkish unit has not received a request from Turkey's Banking Regulation and Supervision Agency to write off bad loans by 2019-end and to allocate sufficient provisions.

The lender said it will make further announcements about any new material development regarding the matter in a timely manner.

The Kuwaiti lender said its Turkish unit enjoys "robust" financial position and that its capital adequacy ratio exceeds authorities' requirements, with nonperforming financing coverage ratios standing at 128%, compared to the 68% average ratio of Turkish banks.

The statement came after Turkey's BDDK banking regulator instructed banks to write off loans worth 46 billion lira by the end of 2019.

As of Sept. 25, US$1 was equivalent to 5.69 Turkish lira.