Published On: Fri, Oct 24th, 2014

KFH posts net profits of KD 90.1mln for first nine months of 2014

Kuwait Finance House

Kuwait Finance House

Kuwait Finance House (KFH) Chairman Hamad Al-Marzouq stated Thursday that KFH has achieved total operating income of KD 475.2 million as of the end of the third quarter 2014, and a net profit for shareholders of KD 90.1 million, an increase of 1.1 percent over the same period last year.
In a press release, the KFH said that its total assets increased by 11.8 percent compared to 31 December 2013 to reach KD 17.1 billion, an increase of KD1.8billion.
Total deposits reached KD 10.9 billion, an increase of KD 758 million, or 7.5 percent compared to 31 December 2013.
Earnings per share reached 21.14 fils, and shareholders’ equity reached KD 1.77 billion, an increase of KD 39.6 million, or 2.3 percent compared to 31 December 2013.
Al-Marzouq said that the achieved results come amid major changes taking place in the bank, which will have a positive effect on the overall level of banking services provided at both the retail level as well as the corporate level.
He added that the bank is seeking to maintain its market share locally and increase it in the near future with increased diversification of revenues through KFH-Group banks.
He noted that KFH succeeded in leading the debut USD 500 mln sovereign sukuk issuance for South Africa, and also participated in arranging USD 750 mln debut sukuk for the Emirate of Sharjah, which highlights the bank’s capabilities of opening new markets and attracting clients to the sukuk market.
Al-Marzouq said that KFH will continue its thoughtful expansion plans locally and overseas through the Group banks, in addition to exploring investment opportunities consistent with KFH’s vision of reinforcing its presence in international markets and maintaining its leadership position driven by its expertise and large client base.
The bank will also continue to achieve progress in all areas where it operates and promote harmony among Group banks in Turkey, Malaysia, Bahrain and Saudi Arabia.
Al-Marzouq mentioned that KFH is keen to keep pace with the latest technological developments in the banking industry utilizing them to further enhance product and service innovations. These technologies must also be consistent with the international standards of security and business excellence.

Source : KUNA Kuwait News agency

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