KFH net profit increases 12pc

Kuwait : Chairman of Kuwait Finance House (KFH) Hamad Abdulmohsen Al-Marzouq said that “KFH has realized a KD137.9 million net profit to shareholders until end of Q3 2017 compared to KD123.1 million for the same period last year i.e. an increase of 12 per cent. 

Financing income reached KD542.1m i.e. a growth of 1.5pc compared to the same period last year. Total operating income until the end of Q3 2017 reached KD525.1m, i.e. a growth of 9.1pc and net operating income reached KD311.7m, i.e. a growth of 19.8pc compared to the same period last year.

The operating expenses decreased for the period by KD 7.75m, i.e. a decrease of 3.5pc over the same period last year. 

Earnings per share until the end of Q3 2017 reached 24.26 fils, compared to 21.69 fils for the same period last year i.e. an increase of
11.8pc. 

Total Assets reached KD17.40 billion i.e. an increase of KD902m or 5.5pc compared to end of year 2016.

Financing portfolio reached KD9.27bn i.e. an increase of KD1.1bn or 13.4pc compared to end of year 2016. Depositors’ accounts reached KD11.59bn i.e. an increase of KD926m or 8.7pc compared to end of year 2016. Shareholders’ equity reached KD1.85bn i.e. an increase of KD35.5m or 2pc compared to end of year 2016.

Al-Marzouq explained that the realized profits are attributed to the efficient execution of the bank’s strategy by focusing on the core banking business while achieving stable and sustainable growth across the Group banks in various countries. 

KFH-Turkey is leading the participation banks in Turkey. It offers a wide range of financial services while expanding and penetrating new markets. 

KT Bank Ag in Germany has also achieved good growth. KFH-Malaysia managed to map out a new customer-centric strategy based on offering retail and corporate financial services in the Malaysian
market. 

KFH-Bahrain inked several financing agreements for several real estate development projects. It increased its market share in the retail market.