Kuwait Finance House (KFH) Chairman Hamad Al-Marzouq stated that KFH, by the Grace of Allah and His Blessing, has achieved a gross profit of KD 144.032 million (USD 510.887 mln) for the First Half of 2014, and net profit for shareholders was KD 54.568 million (USD 193.555 mln) with an increase of 10% over the same period last year.
Total Assets increased by 11 % over the same period last year to reach KD 16.7 billion (USD 59.3 bln), an increase of KD 1.6 billion (USD 5.7 bln).
Total deposits reached KD 10.7 billion, (USD 38.1 bln) an increase of KD 412 million (USD 1.5 bln), or 4% over the same period last year.
Shareholders’ equity reached KD 1.7 bln (USD 6.1 bln), an increase of KD 59 mln (USD 209 mln), or 4% over the same period last year.
Al-Marzouq said that the results attest to the successful policies pursued by the bank, which has enabled it to post continuous and balanced growth across all performance indicators. These policies have also strengthened the bank’s financial position by adhering to the highest standards of professionalism that leads to maintaining KFH’s leadership position in the Islamic finance industry.
He stressed that the results underscore the successful integration of the management information system throughout the organization. This system combines the key performance indicators for its employees and offers them a comprehensive range of development opportunities. This human capital remains the key factor in KFH allowing it to maintain its role as the leading Islamic financial institution.
Al-Marzouq noted that KFH exerts unremitting efforts to improve asset quality and manage risk. This is driven by the continuous relative improvement in the business environment and in the markets where KFH operates. He indicated that the results underscore relentless efforts exerted to highlight the achievements by adhering to the most stringent professional standards required to operate in the current business environment.
Moreover, Al-Marzouq maintained that KFH is always at the forefront in offering banking products and services in line with its leadership in the market of sharia compliant services and products. KFH has offered 4 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. He went on to say that KFH has also offered “KFH-Nojoom”, a prepaid card that enjoys many benefits.
Al-Marzouq highlighted KFH’s track record and remarkable achievements which translated into winning several banking awards from prestigious international entities. KFH won “Best Islamic Bank in Kuwait”, “Best Islamic Bank in Middle East”, and “Best Bank in Kuwait” awards from Emeafinance Group in recognition of KFH’s solid performance and great success in the Islamic banking industry. In addition, it won “Best Islamic Bank in Kuwait” award from Euromoney for the second consecutive year. It also won “Best Bank in Kuwait” award from Banker Middle East Magazine, not to mention “Innovative Product of the Year” award from Cards International for the “Wave and Transfer” product of the Osra prepaid card. Al-Marzouq went on to say that in terms of human capital awards, KFH succeeded for the second consecutive year in winning “Excellence Award” in training national workforce, which is clear evidence of KFH’s commitment to human resources and investing in them as they are the most valuable asset in the organization.
Al-Marzouq said that KFH will continue its thoughtful expansion plans locally and overseas through the Group banks in Turkey, Malaysia, and Bahrain, in addition to exploring investment opportunities consistent with KFH’s vision in reinforcing its presence in international markets, and maintaining its leadership position driven by its cumulative experience and huge client base.
He referred to the pivotal role KFH-Turkey, with its network of 280 branches, plays in reinforcing economic ties among Turkey, Kuwait and the GCC through its contributions and initiatives. He underlined its significant role in the expansion efforts in Turkey and the adjacent countries, noting that KFH has succeeded in building a robust foundation in markets offering performance opportunities and can be a platform for future expansion in to other markets. He stressed the importance of the GCC markets and the presence of KFH in Bahrain and Saudi Arabia where it represents the strategic depth of Kuwait socially and economically.
Al-Marzouq mentioned that KFH is keen to implement the most advanced information technology that meets the requirements of clients and boosts KFH’s position locally and regionally. He indicated that KFH has upgraded its website and KFHonline application in an effort to cope with the latest technological development in the banking field. In doing so it implemented top-notch standards of security to safeguard clients and ensure the best possible service. This confirms KFH’s approach of utilizing technology in order to further enhance the innovation of products and services that underpin KFH’s status, and cater to clients’ aspirations.
He underlined that the twenty-four-seven communication with clients has become more streamlined through activating several alternative e-channels; such as, the call center, KFH website (kfh.com), social media channels (Twitter, Instagram), SMS, in addition to ATMs that are spread throughout Kuwait. He noted that the year 2014 has witnessed many achievements through the implementation of e-banking services that contribute to enriching the work environment at KFH, improve efficiency and increase productivity.
Al-Marzouq noted that the achieved profit is the result of consolidated efforts of KFH’s high caliber and professional human capital that is a platform for success in all fields; moreover, it is the result of thoughtful strategies, prudent management, and sound business approach.