Kuwait Finance House (KFH) Chairman and Managing Director Bader Al-Mukhaizeem announced that KFH achieved a total Gross Profit for First Half of 2010 of KD 172.8 million which includes Net Profit to shareholders of KD 70.8 million. Earnings per share reached 28.8 fils and Assets reached about KD 12 billion with an increase of KD 1.2 billion equivalent to 11% over the same period last year. Deposits reached KD 7.3 billion with an increase of KD 466 million or 7% over the same period last year. Moreover, Shareholders Equity reached KD 1.244 billion with an increase of KD 44 million or 4% versus first half 2009.
With regards to financial results of 2nd Quarter of 2010, earnings per share reached 16.2 fils with an increase of 3.6 fils or 29% versus 1st Quarter 2010. When compared to 2nd Quarter 2009, earnings per share showed an increase of 2.9 fils or 22%.
Al-Mukhaizeem mentioned that this success was achieved through taking advantage its capabilities, such as the highly qualified employees that KFH depends on to continuously succeed, in addition to using advanced technology in the field of banking and economy by innovating new products and services that reinforce the client's trust in KFH. He noted that KFH abides by Shariah regulations in all its businesses, products, and services. He stressed the importance of the governmental initiative of increasing the public expenditure according to an economic plan that includes major initiatives, in addition to allowing the private sector to participate in it. He said that the initiative eliminated the obstacles and legislations that hinder the role of the private sector and limit investment opportunities. He went on to say that KFH continues to finance Kuwaiti companies according to regulations, where it managed to open financing channels with new clients, since it is aware of the financial crisis and the importance of limiting its negative impact on the national economy, where the financing transactions reached KD 450 million during the first half of this year, such as financing the third phase of Avenues project during the second quarter with KD 100 million value.
Furthermore, he noted that the awards that KFH received during the second quarter highlight its performance in various fields, such as the banking, investment, financing, real estate, IT, economic research, and health services.
Moreover, he said that the global expansion policy has achieved successes during the past period where KFH exists in several markets, such as the markets of the GCC countries, in addition to Turkey, Malaysia, Europe and the United States, not to mention signing an agreement with Japanese giant Nomura, which is one of the major industrial corporations in the area, in order to issue Ijarah Sukuk worth USD 100 million.
Al-Mukhaizeem concluded by underscoring the importance of the local market to KFH and its keenness on increasing its market share in all fields and businesses, not to mention its uniqueness in offering competitive products and services to increase its clients base. KFH is also eager to continue its leading social role that is represented by significant projects that include the opening of three medical centers in conjunction with the Ministry of Health, in addition to building a beach front entertainment facilities for people with special needs at Al-Zour, and making donation to Zakat House of K.D 3.372 million to execute several projects.