KFH announes KD 101.2 million net profit
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
Kuwait Finance House (KFH) has reported a net profit of KD 101.2 million until end of Q3 of 2020 for KFH shareholders; a decrease of 46.9 per cent compared to the same period last year.
Chairman Hamad Abdulmohsen Al-Marzouq said that profit rates fell in the first nine months of 2020 because of the additional precautionary provisions taken by KFH to maintain good levels of asset quality and build solid buffers against crises.
KFH’s net financing income until end of Q3 of 2020 reached KD 450.5 m; an increase of 13.9pc compared to the same period last year. Net operating income until end of Q3 of 2020 was KD 401.8 m i.e., a growth increase of 2.2pc compared to the same period last year.
Cost to income ratio dropped to reach 35.5pc, compared to 36.1pc for the same period last year. Earnings per share reached 13.31 fils; a decrease of 47.1pc compared to the same period last year.
Financing portfolio until end of Q3 of 2020 reached KD 10.1 billion, i.e. an increase of KD 794 m or 8.5pc compared to end of last year 2019. Investment in Sukuk until end of Q3 of 2020 reached KD 3.2 billion; an increase of KD 928 m i.e., a growth of 40.5pc compared to end of last year 2019.
Deposits reach KD14.9bn
Depositors’ accounts reached KD 14.9 billion i.e., an increase of KD 1.4 billion or 10.0pc compared to the end of last year. Besides, the capital adequacy ratio reached 16.25pc, which is above the minimum required limit.
Al-Marzouq emphasized the leading role of KFH in supporting the national economy, financing mega-projects and contributing to the development plans and projects in Kuwait and the region. He praised the efforts of financing vital companies and sectors including energy, water, power, infrastructure and construction, as well as supporting SMEs.
Al-Marzouq added that KFH has made a marked progress in the digital transformation strategy, adopting the state-of-the-art technological financial services FinTech and applying AI and robotic technology in banking transactions.
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