KFH-Malaysia posts RM148.6m profits for fiscal year 2013
Kuwait Finance House -Malaysia (KFH Malaysia), posted RM148.6m for its Financial Year 2013, representing an increase of 64.4% as compared with 2012. Total assets increased by 7.1% to reach RM9.5bn in 2013 over 2012.
The asset increase was mainly attributable to gross financing growth, which increased by 9.1% to RM6.5bn, primarily driven by corporate financing. Capital Adequacy Ratio (CAR) stood at 21.8%, being one of the highest in the Islamic Banking industry.
Abdulhamid Hafiz, Chief Executive Officer of KFH Malaysia, said, “The Bank continued to grow steadily and sustainably in 2013. He added that with the transformation program, the bank is looking into the strategic and operational aspects to ensure growth is sustainable in the current year and beyond.” Hafez went on to say: “KFH-Malaysia’s focus is on three strategic thrusts, namely for growth in quality and sustainable assets, cost optimization and capacity as well as capability building, including IT enhancement and human capital development.”
He shared that KFH-Malaysia is looking forward to enhancing and expanding product offerings and opening of new branches this year with the objective to reach all markets and segments. He stressed the bank’s commitment to corporate governance, prudent financing and efficiency.
KFH Malaysia has been the first foreign bank authorized to operate in Malaysia as part of Malaysian government efforts to attract capitals and turn Malaysia into a regional hub for the Asia-Pacific region in the field of Islamic banking. KFH –Malaysia has succeeded in achieving significant results since it started operating in August 8th 2005 in line with the expansion strategy of KFH to open new branches worldwide and operating in different commercial or industrial centers with the objective of catering to clients’ needs and contributing in the economic development Malaysia witnesses.
The acquisition of the largest possible share of the Malaysian market and covering all financial industry including products and services is an important aim of the bank. In addition, it aims at continuously expanding in Asia and the Pacific, not to mention competing in the market as per sharia principles.
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Kuwait Finance House – KFH