Kuwait Finance House (KFH) Chairman Sameer Al-Nafisi announced that KFH achieved total revenues during First Quarter of this year that reached KD 192.5 million, with 15% increase over the same period last year, and total profit for the same period reached KD 61.6 that include KD 38.7 million as profits for investor depositors.
Net profit to shareholders reached KD 22.6 million, while earnings per share are 8.5 fils.
Assets reached KD 12.753 billion with an increase of KD 1.1 billion with 9% increase over the same period last year. Deposits reached KD 8.2 billion with a KD 1.05 million increase and 15 % increase over the same period last year.
Shareholders’ equity reached KD 1.259 billion, with an increase of KD 53 million and 4% over same period last year.
He stressed that the achieved profits reflect the conservative policy that aims to reinforce precautionary provisions while taking into consideration the unfolding events that occur in countries that have an impact on the global economy, in addition to following carefully set plans that are based on studies concerning the nature of the markets. He highlighted the importance of the decision made by Kuwait Investment Authority to set up a real estate fund with a capital of KD 1 billion. Assigning KFH to manage the fund highlights the authorities trust in KFH and the status that KFH has in the real estate field; due to accumulated experience and highly qualified employees.
He stressed that KFH shows considerable interest in the local market and is keen to develop its market share in all fields, in addition to having unique competitive products and services. KFH also aims to grow its client base through the opening of new branches; not to mention focusing on the technical part of the service and boosting the reach of direct sales and other channels, which offers clients world-class services. He went on to say that KFH follows a policy that allows it to focus on cementing its financial status and maintain a stable growth rate.
Al-Nafisi applauded the efforts of former Chairman and MD Bader Al-Mukhaizeem, and stressed that his presence as a board advisor will benefit KFH; especially that he has been working for 34 years at KFH. He asked the new board to continue KFH’s successful mission, and wished them the best.
Moreover, he stated that KFH has the required technical and financial abilities to finance major developmental projects, whether in the GCC or around the world. He underscored the importance of the GCC markets, since they are Kuwait’s strategic extension both economically and socially, which makes KFH Malaysia and KFH Turkey serve as platforms to reach neighboring markets in Europe, South East Asia, and other significant regions.