Kuwait Finance House’s (KFH) Chairman and Managing Director Mr. Bader Al-Mukhaizeem announced that KFH has achieved total revenues for 2009 of KD 766.703 million, and gross profits for the same year of KD 316.515 million, and that the profit to investment depositors reached KD 192.584 million, which will be distributed as follows: 2.780% return for continuous investment deposits, 2.162 % return for Al-Sudra deposit, and 1.853% for saving investment accounts, after taking KD203.885 million as a group provisions.
Net profit for shareholders reached KD 118.741 million, and profit per share reached 52 fils. The board has recommended granting shareholders cash dividends distributions of 25% and bonus shares of 8% after taking the approval of the general assembly and the concerned authorities.
The total assets reached to KD 11.291 billion by an increase of KD 747 million representing 7% over the previous year, and the deposits reached to reach KD 7.262 billion by an increase of KD 650 million representing 10% over the previous year, while the total shareholders’ equity reached KD 1.242 billion.
Al-Mukhaizeem stated that such results were made after continuously focusing on improving the quality of assets, increasing its market share, and controlling costs. This achievement was made at the end of a year that is considered to be one of the most difficult since the financial crisis hit the global markets, which negatively affected the markets of the region, not to mention casting shadows on the local and regional developments. He went on to express his hope that the crisis would be in its final stages, especially that indicators show recovery in some sectors of the global economy. He renewed his trust in the Kuwaiti economy to gradually overcome it, if the two authorities cooperate under the umbrella of the political leadership. He asserted that despite the intensity of the crisis, KFH managed to cement its robust status, and to continue to execute its strategic expansion plans, balanced growth, and facing the competition, which prompted the international rating agencies to reaffirm the positive credit rating granted to KFH, especially after it proved its ability to fulfill its commitments. In addition to that, KFH has won more than 15 awards from financial institutions that monitor the development and performance of the major financial institutions around the world.
Furthermore, Al-Mukhaizeem said that the local market remains a priority to KFH, which prompts it to reinforce its market share and to strengthen its competitive status, in order to continue playing its leading economic and social role, and to attract new client segments through offering distinguished services and by increasing its branches to reach 187 around the world.
Moreover, Al-Mukhaizeem expressed his trust that the KFH Group in Malaysia, Bahrain, and Turkey is progressing successfully in its regional expansion according to the set strategies, and remarked that KFH returned last year to the American markets through projects worth USD 700 million, where it established a strategic partnership with UDR Company worth USD 450 million in a joint venture targeting income producing real estate properties, and USD 250 million in another real estate fund in Chicago. KFH has also established a real estate fund in Canada worth USD 250 million, which reveals the American markets’ ability to recover from the financial crisis; thus making it the focal point of investors who seek available investment opportunities. He noted that KFH is currently considering similar projects in south East Asian countries, in addition to arranging and participating in the issuance of sukuk for major international companies.
Al-Mukhaizeem asserted that KFH is keen on developing its employees’ skills through qualitative training, since the employees are KFH’s most important asset, in addition to its eagerness to imp