"The total profits achieved by KFH end of the 3rd quarter of 2007 is KD 393.464 million compared to KD 264.498 million in the same period of the last year, with a rise percentage of 49 %, and a shareholders' share of KD 176.871 million with a rise percentage of 43 % compared to the same period of the last year",
Mr. Bader Abdul-Muhsen Al-Mukhaizeem, KFH Chairman & Managing Director declared.
The share dividend soared to 108 Fils during the 3rd quarter of 2007 compared to 78 Fils for the same period of the last year, with a rise of 38 %. Taking the capital increase at the advent of the year into consideration, the share dividend during the 3rd quarter of the year is 103 Fils compared to 78 Fils at the same period of the last year, with a rise percentage of 32 %.
Total assets in the 3rd quarter of the year are KD 8.247 billion compared to KD 2.543 billion at the same period of the last year, with an increase of 45 %.
Total deposits in 3rd quarter of the year are KD 5.021 billion with an increase of KD 1.498 equal to an increase of 43 % compared to the same period of the last year.
Return on Assets ROA 3.2 % per annum, and the Return on Equity ROE is 27 % per annum.
Giving a press release, Al-Mukhaizeem said that the indicators and findings of the 3rd quarter of the year are very promising and reflect the business plans and objectives developed by the Top Management and carried out by staff members in the KFH. Figures do reflect the effective investment approach employed in the investment in high-worth quality assets, careful and objective consideration of risks and risk mitigation methods, and the flexible exploitation of the investment opportunities and penetration of the different markets guided by KFH vision and aspirations to achieve the best possible returns for depositors and shareholders.
Al-Mukhaizeem said that KFH takes pride in the accomplishments and stories of success in the Islamic financial business, either in relation to figures, indicators, services and products, or the intellectual and methodological establishment of the rules enforcement principles, or in relation to the qualification of leaders and officials who guide the Islamic financial institutions in the State of Kuwait and worldwide. Quoting Forbes Magazine describing KFH as the Harvard of Islamic Banks,
Al-Mukhaizeem said that this description is not given to KFH from scratch. Rather, it reflects a history record of achievements, success, and commitment. In addition, it highlights the KFH's leadership at the local and international levels. This would not have been achieved, but it had not been for the efforts of sincere and efficient group of staff members who have played significant roles in achieving this success.
New Markets & Opportunities
Al-Mukhaizeem declared that the international expansion would witness more progress during the next time in two significant dimensions. First, to open new markets through investment in countries that have positive, encouraging economic and legislative developments, achieve new growth rates, and have promising investment opportunities, without focusing on specific geographical area or certain business. He also noted that the feasibility study to be produced by KPMG on the establishment of an Islamic Bank in Algeria will effectively evaluate KFH's efforts in this respect; notably, in light of the last positive visit made by KFH investment delegation to the Republic of Algeria. Prospective o