Kuwait Finance House (KFH) Chairman Mohammed Al-Khudairi announced that KFH, by the Grace of Allah and His Blessing, has achieved a gross profit of KD 225.3 mln, of which KD 134.1 mln is estimated profits for investors’ deposits. Net profit for shareholders rose by KD 13.3 mln to reach KD 89.1 mln, an increase of 17 % over the same period last year.
Earnings per share up to the end of Q3 increased by 2.65 fils to reach 25.54 fils, an increase of 12% over the same period last year.
Total revenues increased by KD 99.7 mln to reach KD 711.6 mln, an increase of 16% over the same period last year.
Total Assets increased by KD 1.4 bln to reach KD 15.5 bln up 10% over the same period last year.
Deposits increased by KD 940 mln to reach KD 9.9 bln up 11% over the same period last year.

Shareholders’ equity increased by KD 403 mln to reach KD 1.7 bln, an increase of 31% over the same period last year.

Al-Khudairi said in a press statement that the solid financial results are attributed to the success of the bank’s growth plans. They also confirm the success of the Transformation Program, in which the bank’s performance in all business sectors has become more dynamic and is in a better place to withstand and adapt to the current conditions of the business environment. This led to the steady improvement in the bank’s performance indicators in general.
Moreover, Al-Khudairi explained that since the implementation of the Transformation Program, KFH managed to improve asset quality and risk management throughout the organization. As such, the bank has succeeded in reaching a capital adequacy ratio (CAR) of 16.52 %.

Al-Khudairi highlighted the bank’s commitment to adhering to the highest standards of practice, both domestically and internationally, as well as continuing to provide new integrated, competitive and advanced services that add value to the market and consolidate the bank’s leadership position.
He also noted that KFH has been named the bank with the highest brand value in Kuwait by “The banker” which is a Financial Times publication. This publication issued this ranking on the top 500 banking brands and the most trustworthy as well. The ranking reflects KFH’s high credibility, prudent management and solid strategy.
Al-Khudairi underscored KFH’s achievement in closing and signing a USD 500 million Ijara deal for Sharjah Electricity & Water Authority “SEWA.” The deal will fund SEWA’s current and future projects related to infrastructure development.  This is in line with KFH’s strategy of playing a bigger role in infrastructure and other major development projects in the markets where it operates.
Furthermore, Al-Khudairi said that the bank is highly concerned with harnessing technology in innovating products and services that cater to clients’ needs and meet their requirements. The bank added various new services including a prominent fund transfer service. This service enables KFH Online subscribers to transfer funds through ATM machines to their personal KFH accounts, or to accounts at other banks. Customers can now also open investment deposits through ATM machines. In addition, KFH-Turkey launched a website to provide information and advice on purchasing real estate in Turkey.  It also offers the ability to finance these properties provided that certain conditions and terms are met.
The Chairman added that the bank will proceed in its expansion plans by adding new branches in different areas as well as deploying new and competitive products and services.  KFH is unique in deploying various services in the market.  It was the first bank to offer a “Gold Account” product in Kuwait. The bank also upgraded its real estate services for KFH’s Al-Tamayoz clients to quickly, effectively and conveniently acquire Turkish real estate. This step was taken as a response to growing client demand, especially after the amendment of the regulatory rules there.
Al-Khudairi underscored KFH’s pivotal role in global Sukuk market, and its ability to arrange and finance all kinds of Sukuk deals for corporations or governments.  Sukuk are of growing importance to the global financial market and they are increasingly becoming the financing tool of choice for many organizations around the world
He indicated that the growth posted, by the Grace of Allah, is a result of shareholders’ advocacy, clients trust and workforce exerted efforts.