Kuwait Finance House (KFH) Chairman Sameer Al-Nafisi announced that KFH has achieved total revenues of KD 182.8 million during the first quarter of 2012. Total profits reached KD 57.4 million, including KD 36.9 million estimated profit for investment depositors.
Net profit for shareholders reached KD 20.1 million, while earnings per share reached 7 fils.
Total assets increased to KD 14.2 billion, with KD 1.4 billion or 11.2% increase over the same period last year. Deposits increased to KD 9.2 billion, with KD 938 million or 11.4% increase over same period last year.
Total shareholders’ equity reached KD 1.3 billion, with KD 14 million or 1.1% increase over same period last year.
Al-Nafisi highlighted the bank’s ability to implement its plans and strategies even in the most challenging of time, which increases the potential of improving financial indicators during the coming period. He added that KFH holds a leading position in operating performance among Kuwaiti banks, and stressed that the profits reflect the successful plans that reinforces precautionary provisions. He went on to say that KFH still leads Islamic banking category, despite fierce competition in local and global markets. He expected that the transformation program that the bank has begun to implement to be rewarding during the coming period.
He noted that the vision and strategic objectives for the transformation program are focused and competitive, and the bank is expected to reap benefits during the coming period. He explained that the restructuring process will lay the foundation for a new growth phase, since Islamic banking is currently witnessing significant local and global developments. KFH is capable of taking advantage of those developments, which will lead to better returns and added-value for its shareholders and depositors.
Moreover, he said that KFH and its subsidiaries have been recognized internationally and received global awards, not to mention maintaining positive ratings from global prestigious rating agencies. He stated that KFH is interested in expanding its client base in the local market and opening new branches. KFH has also focus on improving the technology platforms for better servicing its customer base, and has equally excelled in direct and remote sales units.
Furthermore, he underlined the importance of the GCC markets, since they serve as an economy and social strategic safety haven for Kuwait. He added that KFH’s overseas markets serve as a platform to enter other markets in neighboring countries in Europe and south East Asia.
Al-Nafisi mentioned that KFH-Turkey has managed to cement its status as one of the best banks in Turkey, which is evident by the increase in deposits that reached 8% and assets growth of 19% and a 17% increase in revenues compared to same period last year. KFH Turkey’s general assembly decided to distribute 16% as dividends, and the bank will expand in neighboring markets through opening branches in Germany, Dubai, and Bahrain. The bank has also offered its clients Sukuk and investment gold fund.