- “KT Bank AG” Focuses on Financing Private Housing, Personal Finance, Credit Cards
- “KT Bank AG” is to Inaugurate 7 Branches in Germany Before the End of 2015
“Despite setting aside high levels of precautionary provisions to counter any threat or exceptional circumstances, KFH posted remarkable growth in its financial results for the first half of the current year; net profit of KD 62.3 mln, an increase by 14.1%, and 15% increase in net finance income which confirms KFH’s successful policy in cost optimization and focusing on core banking business” said Chief Executive Officer at KFH Mazin Saad Al-Nahedh.
He added in an interview that aired on CNBC Arabia TV that KFH completed the integration of 3 investment companies under the umbrella of KFH-Capital in an effort to increase its focus on investment businesses. KFH is working on improving its assets and decreasing the non-performing loans NPLs noting that KFH set aside high enough provisions to tackle NPLs.
He said that performance in the second half of 2015 is projected to be better as KFH is not projected to set aside provisions as those set in H1.
In reply to CNBC question about the connotation of inaugurating a bank for KFH in Germany, its services and the targeted clients, Al-Nahedh said that KFH eyes huge growth opportunities in penetrating the German market in order to serve the Turkish and Muslim community that reaches 4 million people, in the first place. “KT Bank AG” will focus on financing private housing, personal finance, credit cards and trade finance.
KFH revealed its plan to inaugurate 7 branches in the major and vital cities in Germany of which are Munich and Berlin before the end of 2015.