MANAMA: Kuwait Finance House (KFH) yesterday annouced a net profit of 106.4 millon Kuwaiti dinars ($372.5m) for the first three quarters of the year.
Its total profit for the period stood at 281.4 million dinars ($985.3m), after expenses and before depositors’ profit distribution while earnings per share amounted to 46.6 Fils, chairman and managing sirector Bader Abdul Muhsen Al Mukhaizeem said.
Total assets for the period reached 11.091 billion dinars ($38.8bn) thus representing an increase by 548m dinars ($1.9bn), a 5pc increase compared to the same period last year.
Total deposits volume at the end of the third quarter amounted to 7.015bn dinars ($24.6bn), thus representing an increase by 682m dinars ($2.4bn) of 11pc over the same period last year.
Net profit for the third quarter reached 34.3m ($120.1m) with an increase of 1.5m ($5.3m) over the second quarter with an increase of 5pc.
Earnings per share reached 15.1 fils for the third quarter compared to 14.4 fils for the earlier quarter, an increase of 5%.
Mr Al Mukhaizeem said that these results were achieved despite the difficult market conditions.
“Accordingly KFH Group has adopted a policy that aims to reinforce its financial position enabling the group to withstand these impacts.”
Mr Al-Mukhaizeem said that KFH Group has continued its efforts to provide the necessary financing services to local companies.
“KFH Group believes that all efforts must be combined to preserve the national economy and overcome the impacts thereof.”
Speaking about KFH Group’s expansion policy, Mr Al Mukhaizeem emphasised that the group is executing its plans to enter several GCC, regional and global markets based on well planned steps, taking into consideration the current circumstances and the current and future market developments.
KFH Group has succeeded in obtaining a business licence in Germany and intends to open its first branch shortly.
It has also increased its branches in Malaysia due to significant demand for Islamic finance services.
Mr Al Mukhaizeem said that KFH Group is trying to obtain a licence to operate in Saudi Arabia through the incorporation of an investment bank with a capital 500m Saudi riyals.
He also said that KFH – Bahrain is continuing to execute its major projects Durrat Al Bahrain, which is considered as one of the major real estate development projects in the region with investments topping $4bn in addition to the commercial and residential project Diyar Al Muharraq.
KFH-Bahrain managing director and chief executive Abdulhakeem Alkhayyat said KFH - Bahrain’s business, in varying sectors, are continuing steadily with strength.
“We are looking forward to engaging in new projects, which will bolster the economic growth in the kingdom.”
He said KFH-Bahrain is continuing to expand its network of branches as its customer base has increased significantly in the past few years, which in turn, has encouraged KFH – Bahrain to develop new systems that improve the quality of our banking services”.
