Chairman and Managing Director of Kuwait Finance House "KFH" Bader Abdul Mohsen Al-Mukhaizeem said that: “KFH” -Thanks to Allah Almighty- has achieved total Gross Profits up to Q3 2010 of KD 238.617 million which includes net profits to shareholders of KD 97.341 million, and “EPS” earnings per share up to Q3 2010 of 39.6 fils. Assets totaled KD 12.055 billion, at an increase of KD 964 million equal to 9% for the same period of the past year. Total deposits reached KD 7.384 billion, at an increase of KD 368 million equal to 5% for the same period last year. Shareholders equity stood at KD 1.281 billion, at an increase of KD 45 million, equal to 4% for the same period last year.
Al-Mukhaizeem pointed out that this success has been firstly achieved with the grace of Allah and secondly having employed available resources ideally, in addition to introducing innovative products and services that promote confidence and use of technology in the banking industry. He stressed that the major portion of the profits are operational thus confirming good standing of plans and work programs in place, which deepens the level of assurances and certainty in the successful approach KFH has adopted thus far, and the strength and durability of its financial performance.
Al-Mukhaizeem reaffirmed the operational approach of “KFH” compliant with Islamic Sharia’a, and based on the selection of investment assets of increasing value and quality. This approach has distanced KFH from turbulent markets characterized by high levels of risk, and enabled it to head to stability and balanced growth that lead to achieving the best returns at the lowest levels of risk.
Al-Mukhaizeem confirmed that the positive ratings presented by the major rating agencies around the world to KFH during 2010 stress its solvency and ability to meet the challenges. Those classifications also confirm that KFH maintains elements of excellence, notably the growing operational performance based on increased market share and sustained efforts in offering competitive products and services, and ideal implementation of leadership and governance principles with optimum utilization of profitability flows resulting from a multitude of activities in which KFH engages and that introduces superb opportunities for growth and expansion.
He noted that the awards obtained by KFH during the last period came in the context of its continued excellent and improved performance indicators in various business sectors ranging from banking, investment and finance, real estate, information technology, research, and others.
Al-Mukhaizeem reaffirmed KFH’s keenness to provide the necessary funding for the Kuwaiti companies and introduce special alternative lines of credit for companies that dealt with external funding sources, in conformity with recognized credit regulations and professional standards. He pointed out that this is an ongoing policy role to continue under all circumstances, and reflects on KFH’s concern to supporting Kuwaiti companies that contribute to the development and function in real economy. These companies, he said are expected to contribute effectively in the development of business process and production as added value to the community.
Al-Mukhaizeem explained that its international expansion policy continues in the light of the significant achievements introduced to KFH’s record of success that represent significant contribution to profits. KFH has been successful thus far through its business operations launched in many markets such as GCC, Turkey, Malaysia and the United States of America and Europe. Therefore, it managed to promote confidence in its performance and established well-devised plans in line with serving international expansion demands for growth and development. KFH also strives that its foreign branches act as a link between the economy of Kuwait and the GCC states within which the branches operate. He noted that KFH is currently considering gaining access to some new markets during the upcoming stage to take advantage of market developments in the light of the recent changes and appropriate investment opportunities.
Al-Mukhaizeem stressed the importance it attaches to the local market and its keenness to develop its market share in all business areas and activities, in addition to achieving excellence in offering competitive products and services while expanding its customer base, and paying attention to quality of service and performance development, with the continuation of the social responsibility role as a market pioneer. Al-Mukhaizeem said that the plans in place to increase the number of KFH branches, channels and trade showrooms will contribute to further growth, expansion and attract new customer segments. KFH is currently focusing on deploying additional enhanced use of a diversity of modern technology means and tools. These technological uses cover various aspects of work and receive overwhelming response from customers in terms of ease of use and comfort consistent with the spirit of the digital age and contribute to providing services using the best and effortless ways.
Al-Mukhaizeem noted that the human element has received a sizable share of KFH’s interest and support through development and training programs aimed at upgrading the performance and enhancing staff capacity while unleashing the spirit of creativity and innovation to provide more services and products to suit customer segments needs and contribute to strengthening market share and emphasize KFH leadership.
Photo: Bader Al-Mukhaizeem