The Chairman and Managing Director of Kuwait Finance House (KFH) Bader Abdul Muhsen Al-Mukhaizeem announced that KFH has achieved total profit for first quarter of 2008 the amount of KD 151.326 million, compared to the total profit of the first quarter of last year, which was KD 114.628 million, with a 32% growth rate. The net profit to shareholders reached KD 73.410 million, with a 43% increase over the same period last year.
The earnings per share increased in the first quarter to reach 36 fils, compared to 27 fils for the same period of last year, with a 33% increase. The earnings per share of the prior period after adjustment for the impact of the capital increase from 1 January 2007 and bonus shares issued during 2008 is 25 fils per share. The assets reached KD 9.408 billion with a KD 2.571 billion increase over the same period last year, with a 38% growth.
The deposits for first quarter reached KD 5.918 billion with a KD 1.659 billion increase, which is 39% more than the same period last year.
The return on assets reached 3.2% annually, and the return on shareholders equity reached 26% annually.
Al-Mukhaizeem stated in a press release that the financial indicators and results for the first quarter show the plans and strategies set by the management and executed by the employees, and the figures show the success of investing in assets that have high value, in addition to conducting careful and objective studies of the risks and the means to minimize them. Moreover, their exists flexibility in seizing opportunities and taking action in various markets with the vision to achieve the highest profits possible for depositors and shareholders.
He added that the first quarter of this year has witnessed the continuous appreciation regionally and globally for KFH in the form of many awards KFH received, in addition to invitations from many governments for KFH to work in their countries, either by opening independent banks, or by executing projects or establishing corporations. Al-Mukhaizeem believes this gives a clear image of the status that KFH occupies in the field of Islamic financial services.
Al-Mukhaizeem said that KFH is inclined to enter new markets and is studying investment opportunities in many countries in South East Asia, and that there are talks and visits between the bank and the government of Hong Kong. KFH also is studying to expand in China, Singapore, and Indonesia, through KFH-Malaysia, which is the closest to these markets and more connected to strategic partners who work there. In addition to that, KFH will continue to target the GCC markets to benefit from the continuous positive developments in the Gulf economy, and the promising opportunities in this rich and fruitful market.
He stated that KFH is about to expand its existence in North Africa and the Arabian West, and increase its investments in this area that can serve as a platform for expansion in neighboring countries.
Al-Mukhaizeem stressed KFH’s keenness to increase its branches and services in the Kuwaiti market, in addition to continue to offer new and innovative services and products, and to target specific segments of the market.
He added that KFH aims to have 50 branches by the end of this year, where 6 new branches will be added to the 44 branches that are working now. This is to cement KFH’s network and to cater to the largest segment possible.
Al-Mukhaizeem stressed that KFH will continue its efforts in launching new serv