Kuwait Finance House (KFH) Chairman and Managing Director Bader Al-Mukhaizeem announced that KFH with God’s Grace, has achieved total revenues of KD 736.2 million for 2010, total profit for the same year reached KD 273.4 million, including KD 162.8 million as profits for depositors to be distributed as follows: 2.378 % for continuous investment deposits, 1.850 % for Al-Sedra deposit, and 1.585% for saving investment accounts. Net profit for shareholders reached KD 105.9 million, while profit per share reached 43.1 fils.

The board recommended granting shareholders cash dividends of 20%, and bonus shares of 8% subject to the approval of the regulatory authorities and the general assembly. The volume of assets increased to reach KD12.5 billion with KD 1.3 billion increase and an 11% increase over last year. Deposits increased to reach KD 7.6 billion with KD 387 million and 5% increase over last year, while total shareholders’ equity reached KD 1.290 billion, with KD 48 million increase or 4% more than last year.

Al-Mukhaizeem mentioned that this success is a result of operational optimization strategy, he added the bank also focused on deploying the latest technology in the banking field. He also highlighted that the profits achieved reveal its strong financial coverage, especially during the current local and global market circumstances. The profits also showcase KFH’s ability to select strategic assets with a growing value, in order to achieve safe and stable investments with the least risks possible.

Moreover, Mr. Al-Mukhaizeem pointed out that the major international rating agencies have affirmed KFH’s positive ratings, and asserted that its strong financial coverage and its ability to overcome challenges is based on good operational performance that is based on an increasing market share and on continuous efforts in facing challenges, in addition to taking full advantage of the profit flow of multiple businesses that the bank takes part in. He also noted that KFH received more than 20 awards in 2010 from leading global authorities in the fields of banking, investments, finance, real estate, IT, and researches. He renewed KFH keenness to finance Kuwaiti companies according to professional and credit criteria, and asserted that KFH has always been financing Kuwaiti companies that take part in real economic development.

Furthermore, he stated that KFH Group is in an expansion mode, where its global branches reached 220 branches playing a prominent role in cementing economic and trade relationships between the countries that they operate in, and Kuwait and the GCC. He went on to say that KFH’s global expansion policy will continue, where overseas bank’s represent a large portion of KFH’s revenues that reached 46% as overseas revenues. KFH succeeded through working in the GCC, Turkey, Malaysia, the United States, and Europe to reinforce trust in KFH’s brand franchise, since clients deserve to receive quality services that are up to par with global institutions.

However, Al-Mukhaizeem said that KFH continues to focus on the local market and is keen to develop its market share in all segments and businesses, and is also eager to offer new services and products that allow it to expand its client base and expand its social responsibility. He explained that increasing the number of local branches to 56 in addition to showroom facilities participate in extending its reach to existing client segments. He also said that KFH focuses on advanced technology, such as using mobile phones and KFH’s site that offers around 150 free services online.

He underscored the importance of employees, and remarked that KFH offers its employees various training courses that assist them in their work and improves their skills, which allows them to innovate in offering more services and products that suit KFH’s client segments, in addition to reinforcing its leadership and market share.