Kuwait Finance House (KFH) Chairman Hamad Al-Marzouq stated that KFH, by the Grace of Allah and His Blessing, has achieved total operating income of KD 475.2 million as of the end of the third quarter 2014, and a net profit for shareholders of KD 90.1 million, an increase of 1.1% over the same period last year.
Total Assets increased by 11.8% compared to 31 December 2013 to reach KD 17.1 billion, an increase of KD1.8billion.
Total deposits reached KD 10.9 billion, an increase of KD 758 million, or 7.5% compared to 31 December 2013.
Earnings per share reached 21.14 fils, and Shareholders’ equity reached KD 1.77 billion, an increase of KD 39.6 million, or 2.3% compared to 31 December 2013.
Al-Marzouq said that the achieved results come amid major changes taking place in the bank, which will have a positive effect on the overall level of banking services provided at both the retail level as well as the corporate level. He added that the bank is seeking to maintain its market share locally and increase it in the near future with increased diversification of revenues through KFH-Group banks.
He further affirmed that the achieved results are the fruits of consolidated efforts of KFH’s high-caliber human capital and effective working teams. He also welcomed KFH’s new CEO to the team, Mazin Saad Al-Nahedh, who is a seasoned professional in the banking industry. Al-Nahedh is well known for his professionalism and his ability to build effective working teams.
Al-Marzouq added that KFH is working on improving its internal capabilities and main businesses by offering innovative products and services. Furthermore, KFH is working on optimizing its structure, rationalizing expenditures, and implementing efficient use of resources, not to mention the application of the highest standards of governance locally as well as at the KFH Group level.
Moreover, Al-Marzouq stressed on intensifying efforts to better serve KFH’s clients and ensure their service expectations are met along with their banking and financing needs, while adhering to the most stringent standards of Sharia and supervisory regulations. In addition, Al-Marzouq maintained that KFH is always at the forefront in offering top notch banking products and services in line with its leadership position in the field of sharia compliant financial services. One such product is “Al-Deema”, a deposit product offering numerous advantages and features such as incremental investment rates and flexible investment periods. This is in addition to the four long-term investment products that are the first of their kind in the Kuwaiti market; “Jameati” for education, “Rafaa” for marriage, “Enjaz” for youths’ projects, and “Themar” for retirement. These investment plans enjoy Takaful insurance and yield-high investment rates during their investment period. KFH also launched e-statement services on prepaid and credit cards. It also inaugurated, for the first time in Kuwait, a new call center to further serve clients and launched a “smart” branch at The Avenues mall, and opened a new branch at Aliaa Center in Al-Jahraa. This comes in line with KFH’s implementation of its expansion strategy and enhancing its position in the banking field. Furthermore, the popular Gold Account KFH launched last year, has been expanded to become available at seven branches up from two branches.
Al-Marzouq noted that KFH succeeded in leading the debut USD 500 mln sovereign sukuk issuance for South Africa, and also participated in arranging USD 750 mln debut sukuk for the Emirate of Sharjah, which highlights the bank’s capabilities of opening new markets and attracting clients to the sukuk market.
Al-Marzouq highlighted KFH’s track record and remarkable achievements. The bank has won several banking awards from high-profile international entities in recognition of the bank’s contributions in developing the Islamic banking industry. KFH won “World Best Islamic Bank” award for the year 2014 from “Global Finance Magazine”, and “the Safest Islamic Financial Institution” from the same magazine confirming KFH’s robust position and prudent management. KFH has been ranked first among banks locally by "The Banker" international magazine, an affiliate of the “Financial Times Group,” and among the top 1000 banks worldwide. Moreover, Standard and Poor’s, the international rating agency, has recently upgraded KFH’s future outlook to stable from negative, and it affirmed its long-term and short-term credit ratings at A-, and A-2 respectively. In terms of human resources awards, Al-Marzouq indicated that Oracle, the prestigious company specialized in in HR systems associated with banking and financial services, awarded KFH the title of “Success Story”.
Al-Marzouq said that KFH will continue its thoughtful expansion plans locally and overseas through the Group banks, in addition to exploring investment opportunities consistent with KFH’s vision of reinforcing its presence in international markets and maintaining its leadership position driven by its expertise and large client base. The bank will also continue to achieve progress in all areas where it operates and promote harmony among Group banks in Turkey, Malaysia, Bahrain and Saudi Arabia. Al-Marzouq mentioned that KFH is keen to keep pace with the latest technological developments in the banking industry utilizing them to further enhance product and service innovations. These technologies must also be consistent with the international standards of security and business excellence.