4.6% growth in assets to reach KD17.5 Bln & increase in deposits by 3.8% to reach KD 14.57 bln
Kuwait Finance House (KFH) Chairman, Hamad Abdulmohsen Al-Marzouq said that KFH, by the Grace of Allah and His Blessing, has achieved net profit of KD 62.3 mln for the first half of 2015 compared to KD 54.6 mln over the same period last year, with an increase of 14.1%
Net finance income increased to reach KD 186.8 mln for the first half of 2015 compared to KD 162.6 mln for the same period last year, thus marking an increase by 15%
Earnings per Share is 13.30 Fils compared to 11.64 Fils for the same period last year, thus marking an increase by 14.3%
Total income has increased by 5% to reach KD 464.7 mln compared to KD 442.6 mln over the same period last year.
Finance portfolio increased to reach KD 8.268 Bln compared to KD 8.029 bln for the same period last year, i.e. an increase by 3%. Based on this increase, assets size has reached KD 17.502 Bln compared to KD 16.732 Bln for the same period last year, i.e. an increase by KD 770 mln or 4.6%.
Total deposits increased to reach KD 14.58 bln compared to KD 14.04 bln last year, thus marking an increase of KD 535 mln or 3.8%.
Shareholders’ equity reached KD 1.724 bln, which marks an increase by KD 45 mln or 2.7% over same period last year.
“The results attest to the successful policies pursued by the bank and in line with set plans, which reflects its balanced growth across all performance indicators. These policies have also strengthened the bank’s financial position by adapting to local and global economic variables and adhering to the highest standards of professionalism that lead to maintaining KFH’s leadership position in the Islamic finance industry” said Al-Marzouq.
He added in a press statement that the history of Islamic banks will mark by the end of July a significant event by the official inauguration of the first Islamic bank in Germany “KT Bank AG” with its headquarters based in Frankfurt. Operating a full-fledged Islamic bank is eyed as an important step for KFH Group to expand in the European market and benefit from the huge turnout on sharia complaint products and services.
Al-Marzouq underlined the key achievements in the first half which included bolstering its market share, maintaining high levels of service quality, improvement in E-services to enable clients to complete their transactions round the clock in an easy and secure manner. Moreover, KFH has a wide array of investment deposits that are characterized by their competitive return and flexible investment tenures.
He affirmed that KFH credit facilities to companies and entrepreneurs as per credit regulations and its method of providing comprehensive array of corporate financing and banking services contribute to boosting the economy and diversifying income resources.
Al-Marzouq indicated that KFH is moving forward in settling companies’ debts in the interest of its shareholders and the bank. KFH managed to restructure several debts which resulted in achieving profits. Some of these profits will be added to H1 financial statements, while others will be added during the coming periods.
KFH Received “Best Sovereign Sukuk Arranger “Award from London Sukuk Summit 2015. It has led several sukuk issuances, most notably a USD 500 Sukuk Issuance for Sharjah Islamic Bank. KFH has maintained its positive credit ratings by global credit rating agencies, which confirms the confidence in KFH and its distinguished reputation locally and globally.
“KFH will continue its efforts to bolster its role in the local and regional market, and it will continue offering high-end products and services while focusing on enhancing technology and benefiting from the high caliber human capital. KFH is committed to render excellent customer service while adhering to sharia provisions” Al-Marzouq concluded.