Bader Abdul Mohsen Al-Mukhaizeem, chairman and managind director of Kuwait Finance House (KFH), announced that KFH has realized total profit of KD 264.5 m for the 3rd quarter of the current year, an increase of 47% compared to the same period of last year. Shareholders' share accounted for KD 124 m of the total profit, an increase of 34%.
Assets totaled KD 5.7 b, an increase of KD 1.6 b against the same period of last year, an increase of 40%.
For the 3rd quarter, deposits amounted to KD 3.5 b, an increase of KD 629, or by 22% against the same period.
Profit per share amounted to 101 Fils, compared to 87 Fils for the same period of last year. Assuming adjustment of the profit per share for the 3rd quarter of last year to reflect the impact of capital increase since the early 2005, as well as bonus shares issued during 2006, the profit per share is 76 Fils for the comparative period.
In a press release, Al-Mukhaizeem stated that financial indicators for the 3rd quarter emerge within the context of steady and continuous growth in KFH's performance at the various activities, which confirms the successful style of investment in quality assets of increasing value, together with careful objective study of risk and risk mitigation. "In addition, this reflects the flexibility to utilize the opportunities and move in the markets with vision to maximize profit for depositors and shareholders." Stated Al-Mukhaizeem, "Profit also reflects the successful action plans set by the management and implemented by all employees. Hence, efforts must be exerted to maintain KFH's growth trends since inception." He continued.
"KFH continues efforts of foreign expansion using the strategy set for this purpose, visions and accurate follow-up of the development of such markets, growth rates, rates of return and level of expected risk." He elaborated, "Regional and international expansion plans still are on top of the priority list, and are always supported in accordance with market input and variant mechanisms." He explained.
"KFH is highly concerned with human resources development to cope with the requirements of the current stage, which is characterized by intensive competition, so as to provide state-of-the-art service of global standard, thus making its staff comparable to their international counterparts. Al-Mukhaizeem continued." He added, "The qualification of 20 branch managers, who obtained international accredited branch manager certificate, coupled with intensifying the training courses and providing further incentives, is conducive to achieving this goal." He said.
"In light of its interest in increasing its market share and furthering its local market pioneering role, KFH continues providing offers and benefits on its banking, commercial and investment products for the purpose of promoting the national products, supporting the national traders, and providing our customers with best services. Within the next few days KFH open 2 new banking branches." He asserted, "Local market is on top of the priority list of KFH's strategy. Its local market share witnesses intensive growth, which requires several actions to cope with, and increase such growth. These actions include geographic expansion, with the provision of new services with various forms to attract customers. KFH has also adopted the concept of comprehensive branch, which provides a basket of diversified services in one place close to the customer." He explained.