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Al-Roshood: KFH Profits Resulted from Revenue Items of The Core Banking Activities
In an interview with CNBC Arabia TV
Abdulwahab Al-Roshood, Acting Group Chief Executive Officer at Kuwait Finance House (KFH) said that the profits realized until end of Q3 of 2020 resulted mainly from revenue items of the core banking activities. Net finance income until end of Q3 of 2020 grew 13.9% to KD 450.5 million compared to the same period of 2019. The net operating income rose 2.2% to KD 401.8 million in Q3 2020 compared to the same period of last year.
KFH`s subsidiaries contributions
Al-Roshood pointed out, during an interview with CNBC Arabia TV, that KFH`s subsidiaries contribution forms about 51.4% of the net profits for KFH shareholders until end of Q3 2020, of which 41.4% contribution from KFH Turkey. He indicated that KFH Turkey`s financing portfolio enjoys good and stable position as well as the fact that it balances between the Turkish Lira and major foreign currencies.
exiting from non-strategic investments
Al-Roshood said that despite the drop in the exit of investments until end of Q3 of 2020 compared to the set plans due to coronavirus pandemic and its negative economic impacts locally and globally, the bank managed to exit investments of about KD 21.4 million, achieving a net profit of KD 1.5 million compared to KD 24.6 million for Q3 2019.
He stressed that exiting non-core assets is part of the bank’s strategy in focusing on core banking business and exiting from non-strategic investments that consume the capital and are not in line with the bank’s strategy of achieving sustainable profits.
Financial indicators
KFH has reported net profit of KD 101.2 million until end of Q3 of 2020 for KFH shareholders; a decrease of 46.9% compared to the same period last year. Net financing income until end of Q3 of 2020 reached KD 450.5 million; an increase of 13.9% compared to the same period last year. Total assets rose to reach KD 21.0 billion, i.e. an increase 8.1%. Financing portfolio until end of Q3 of 2020 reached KD 10.1 billion, i.e. an increase of 8.5%. In addition, depositors’ accounts reached KD 14.9 billion i.e., an increase of 10.0%.
