The Chairman and Managing Director of Kuwait Finance House (KFH) Bader Abdul Muhsen Al-Mukhaizeem announced that KFH has achieved total profit for first half of 2008 the amount of KD 325.29 million, compared to the total profit of the first half of last year, which was KD 249.38 million, with a 30% growth rate. The net profit to shareholders reached KD 157.35 million, with a 35% increase over the same period last year.
The earnings per share increased in the first half to reach 76 fils, compared to 60 fils for the same period last year, with a 27% increase. The assets reached KD 10.27 billion with a KD 2.25 billion increase over the same period last year, with a 28% growth.
The deposits for second quarter of 2008 reached KD 6.31 billion with a KD 1.49 billion increase, which is 31% more than the same period last year.
The return on assets reached 3.3% annually, and the return on shareholders equity reached 27% annually.
Al-Mukhaizeem stated in a press release that the financial indicators and results for the first half show the plans and strategies set by the management and executed by the employees, and the figures show the success of investing in assets that have high value, in addition to conducting careful and objective studies of the risks and the means to minimize them. Moreover, there exists flexibility in seizing opportunities and taking action in various markets with the vision to achieve the highest profits possible for depositors and shareholders.
He added that the second quarter of this year has witnessed great consistency in adhering to the external expansion of KFH, in addition to receiving numerous requests from governments to operate on their lands, either by opening independent banks and corporations, or by contributing to their projects. This reveals the prestigious image that KFH holds in the field of Islamic finance. Moreover, he mentioned KFH's last month's "Leadership Award", which was given to KFH by the Turkish government, in addition to the "Best Banking Services" in Kuwait from The Asian Banker.
Al-Mukhaizeem stated that this success came as a result of KFH's keenness in developing and training its employees, which are rendered to be its most valuable asset. Moreover, any corporation will never survive and develop without skilled and well-trained employees. He added that the training and development programs aim to develop employees, so that they can match modern technology in the banking field. This makes KFH employees highly trained and capable of operating effectively in all expansion phases. The Chairman and Managing Director expressed his happiness whenever he is notified that governments are seeking KFH's presence in their lands, and that KFH has crossed its regional boundaries and entered a new phase of globalization.
He stressed the great eagerness that KFH shows to implement the latest technological products to offer better services for all concerned parties. This has led KFH to offer a series of new services by using the latest technology, especially the ones built on means of communication, which have become a mainstay for every individual and corporation. He explained that KFH is aware of the importance of "M-banking", which is banking services offered by cell phone. It is worth noting that this phase complements "E-banking". KFH has achieved great accomplishments in that field, in addition to receiving several awards and certificates, which are be