Kuwait Finance House (KFH) Chairman Samir Al-Nafisi announced that KFH – Praise be to Allah – achieved Total Revenues of KD 577 Million resulting in Total Profits of KD 193.8 million up to the 3rd quarter of 2011, of which shareholders’ profits equaled KD 70.8 million. Earnings per share reached 26.6 fils.
Assets increased to KD 13.3 billion with KD 1.3 billion increase or 10.4% over the same period last year. Deposits increased to KD 8.7 billion, with an increase of KD 1.4 billion or 18.4% over the same period last year.
Shareholders’ equity increased to KD 1.286 billion, with a rise of KD 5 million or 0.4% over the same period last year.
Al-Nafisi highlighted KFH’s continued efforts to further strengthen its financial standing and maintain stable growth rates. This is in addition to delivering a balanced performance in all business segments. Moreover, KFH is committed to a conservative policy with a strategic focus on operational excellence.
Al-Nafisi further expressed KFH’s gratitude and profound recognition for the monumental efforts of its first founding Chairman, the late Ahmed Al-Yasseen, who played a prominent role in establishing KFH and on a bigger note laying the foundations for Islamic finance & economy. His contributions & philosophy took Islamic banks from a niche industry to mainstream global banking scene.
Regarding operational performance upto Q3, Al-Nafisi stated that steady growth was witnessed across a wide range of KFH business sectors which lead to boosting KFH retail franchise. Focused marketing & promotional campaigns helped achieve higher customer satisfaction levels resulting in extended sales streams. This also contributed to market vitality in addition sustainable partnerships with dealers and merchants in various fields.
Furthermore, Al-Nafisi explained that the series of awards received by KFH from a select group of specialized institutions as well as recognition from international rating agencies reflect its long and medium term positive credit ratings and stable outlook. This projects an atmosphere of trust in the future supported by the economic recovery. He went on to say that KFH ranked first among local banks in operational revenues by the end of First Half of 2011.
Al-Nafisi stressed KFH retail strategy to extend network coverage in the local market through opening new branches in both residential and commercial areas. KFH will further introduce integrated ATM machines that allow the deposit of cash and cheques besides other services. Channel mix also extends to cover phone services, internet services on kfh.com, and latest apps on smart phones leading to enhanced levels of access & convenience.
Regarding global expansion, Al-Nafisi mentioned that KFH continues to pursue rewarding investment opportunities in promising markets and across various industries to reach a diversified investments portfolio of high-quality assets with limited risks and optimized returns. KFH’s subsidiaries in Turkey, Malaysia and Bahrain have had significant achievements during the past period, where KFH-Turkey expanded its retail network beyond 170 branches. KFH-Turkey also plans for a second Sukuk issue in 2011. KFH Turkey is also leading by offering competitive new services and products vis a vis Islamic and conventional banks.