Bader Abdul Mohsen Al-Mukhaizeem Chairman and Managing Director of Kuwait Finance House announced that KFH has realized a profit for the 1st quarter of the current year totaling KD 114.63 million, compared to a total profit of KD 80.512 million for the 1st quarter of last year, a growth rate of 42 %, wherein the shareholders claimed KD 51.374 million of the profit, an increase of 38 %, compared to the same period last year.
Profit per share for the 1st quarter rose to 36 Fils, compared to 26 Fils for the same period of last year, an increase of 38 %.
Assets amounted to KD 6.837 billion, up by KD 1.886 billion for the same period last year, i.e. 38 %.
For the 1st quarter, deposits amounted to KD 4.259 billion, an increase of KD 861 million, i.e. up by 25 % over the same period last year.
Return On Assets (ROA) reached 3.1 % p.a., and Return On Equity (ROE) registered 31 % p.a.
In a press release, he stated that the financial indicators and results for the 1st quarter positively reflect the action plans set by the management and executed by all employees. "Figures demonstrate the successful approach of investment in quality assets of increasing value, together with careful, objective monitoring of risk and mitigation techniques." He explained. "In addition, we capitalized on flexibility, seized profitable opportunities, and moved in the market with a vision aiming to maximize profit for depositors and shareholders alike." He continued.
"During the 1st quarter of this year, KFH has been awarded with positive ratings and appreciation certificates, all of which commended its achievements, its vital role in the Islamic financial transactions market, as well as its net worth and expertise in this respect, on both regional and global levels." He said, "In this context, KFH has been awarded twice by the international Islamic Finance News magazine for its major role in financing the largest and best two transactions in 2006. Arabian Business magazine has also awarded KFH with Excellence certification in Islamic financial action. Fitch upgraded KFH's credit rating to A, commending its quality competitiveness and distinctive growth rates." He elaborated.
"Efforts for international expansion have provided KFH with momentum and strength in the various markets. Kuwait Finance House –Berhad (Malaysia) successfully arranged several transactions in collaboration with major financial institutions and corporate entities in Malaysia and South East Asian countries, including, but not limited to, participation in the a health care company, a real estate company operating in China, and winning the Best New Bank Award in Malaysia." He stated.
Al-Mukhaizeem stressed that the Kuwaiti-Turkish relations have acquired new momentum through the exchanged visits among the major officials in both countries, the last of which was paid by HH the Prime Minister, Sheikh Naser Mohammad Al-Ahmad Al-Sabah, who was accompanied by a delegation representing businessmen. "The visit focused on furthering inter-trade and entering into joint investments. Meetings were held with a number of influential economic activists there. HH took note of the development of investment between Kuwait and GCC, on one part, and Turkey on the other part, as well as the positive role of KFH-Turkey since its inception 20 years in strengthening the commercial and economic relations between both parties." He said. "KFH has always had a tangible role in executing