Kuwait Finance House (KFH) CEO Mohammed Al-Omar stated during an interview with CNBC Arabia, that the positive financial results achieved by the bank during the First Quarter of this year, indicate continuous improvement in performance during the coming period. He added that the clients’ trust in the bank is growing, which is evident by the increasing demand for KFH products and services, despite fierce competition in the market. He went on to say that KFH has managed during the past period to attract new client segments, based on relationship that cements the concept that clients are partners in success.
Moreover, Al-Omar said that KFH achieved growth in main indicators, which highlights the success of its new strategy, and the strong performance, despite challenging local and global market conditions. Net profit increased by 15% compared to the same period last year to reach KD 23 million after it was KD 20.053 million. Gross profits increased by 16% from KD 57.380 million to KD 66.350 million, while total revenues increased by 23% from KD 182.7 million to KD 224.5 million. Earnings per share increased by 16% from 7 fils to 8.1 fils, and total assets increased by 5% from KD 14.181 billion to KD 14.932 billion. Total deposits increased by 6% from KD 9.182 billion to KD 9.713 billion, while total shareholders’ equity increased by 6% from KD 1.273 billion to KD 1.351 billion.
Furthermore, Al-Omar stressed the importance of boosting operative environment through the government’s initiative to offer new projects and pump liquidity in the market; especially that the national economy relies on pivotal role of the government. He called for granting the private sector the opportunity to play a more prominent role, as well as allowing it to become a partner in the development process. He underlined the fact that KFH is keen to contribute in that field, based on its extensive experience and financial abilities.
Regarding expansion plans, Al-Omar mentioned that KFH will continue to globally expand, as long as this yields high returns for its depositors and shareholders. He revealed that the market is constantly monitored and studied to seize investment opportunities. He added that KFH has taken great strides in its overseas expansion plans, and plans to make its overseas investments form 50% of its total revenues during the coming period.