KFH reaches KD26.1m for Q1 net profit
Kuwait Finance House (KFH) Chairman Hamad Al-Marzouq stated that KFH, by the Grace of Allah and His Blessing, has achieved gross profit of KD71.012m for the first quarter of the fiscal year 2014. Net profit for shareholders reached KD26.056m with an increase of 13% over the same period last year.
Earnings per share increased by 1% to 6.12 fils over the same period last year.
Total revenue increased by 1% to KD224.4m over the same period last year.
Assets volume increased by KD2.3bn to reach KD17.3bn, an increase of 16% over the same period last year.
Deposits increased by KD636m to reach KD10.3bn, an increase of 7% over same period last year.
Total Shareholders’ equity increased by KD359m, to reach KD1.7bn, an increase of 27% over the same period last year.
Al-Marzouq added, in a press statement, “The profits growth strengthens the bank’s position to achieve its goals and aspirations during the upcoming period according to its inclusive vision that takes into consideration maintaining the bank’s solid and global leading position in the Islamic finance industry. He went on to say that performance indicators are to be compatible with the bank’s vision, stressing that KFH enjoys numerous points of strength that will be enhanced and activated to boost the bank’s leading financial position, and to maintain a stable growth rate and balanced performance for all KFH’s businesses, so that the profits stem out from the bank’s core business through operational revenues and controlling costs.”
Al-Marzouq highlighted the importance of focusing on achieving the long term sustainable growth for KFH which reflects its strong financial position and the ability to adapting to new local and global variables, circumstances and conditions, pointing out the importance of following a conservative policy aims at improving precautionary provisions.
Moreover, Al-Marzouq emphasized the adherence to the policies plotted by KFH in terms of sharia, which characterized its career over the past years. In addition, he said that the prudent, resilient and positive management that can deal with all business environments greatly contributes to achieving financial stability and good profitability levels, not to mention improves KFH’s outstanding credit rates, increases its clients’ confidence in all markets, earns global reputation as it is a pioneer and model example of Islamic finance industry.
Al-Marzouq said, “KFH will continue putting forth efforts to reinforce its role in the local and regional market along with offering competitive products and services, with a focus on exploiting technological breakthroughs and taking advantage of all the applications on different channels in an effort to grant clients the best service standards that are subject to the concepts of accuracy, safety and speed.”
He underscored KFH’s active role in boosting the national economy through the wholesale finance in accordance with professional and credit regulations and standards, noting that that the Capital Adequacy Ratio (CAR) of 17.5 % provides an opportunity to increase financing. He highlighted KFH’s pivotal and strategic role that reflects a consistent policy of supporting Kuwaiti corporations in the pursuit of more inclusive and sustainable economic growth. He mentioned that studies are being reviewed currently to expand financing to small and medium corporations in cooperation with the related entities in accordance with specific regulations and conditions.
Al-Marzouq went on to say that the overseas expansion is an ongoing activity where KFH managed to build strong pillars in vital markets that witness a good performance that can be a start of new expansions into other markets. He affirmed the importance of the GCC markets that represent the strategic depth of Kuwait economically and socially.
Furthermore, Al-Marzouq referred to President of the Republic of Turkey, Abdullah Gul’s visit to Kuwait and its significant impact on reinforcing the mutual relationships between the two countries, adding that Gul’s meeting with a number of KFH officials was good and positive since it tackled the activities and businesses of KFH-Turkey and its expansion plans in the Turkish and the adjacent countries’ markets along with the innovative products and services offered to clients. It’s worth noting that Gul applauded the significant role KFH-Turkey plays in cementing economic relationships between turkey, Kuwait and the GCC through various contributions and initiatives in collaboration with both countries’ private sectors.
Al-Marzouq assured that the achieved profit is the result of consolidated efforts of KFH’s high caliber and professional human capital that is a platform for various achievements and success in all fields.
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