Kuwait Finance House (KFH) has achieved net profit of KWD 62.3 million for the first half of 2015 compared to KWD 54.6 million over the same period last year, with an increase of 14.1 per cent
Net finance income increased to reach KWD 186.8 million for the first half of 2015 compared to KWD 162.6 million for the same period last year, thus marking an increase by 15 per cent. Earnings per Share is 13.30 Fils compared to 11.64 Fils for the same period last year, thus marking an increase by 14.3 per cent
Total income has increased by 5 per cent to reach KWD 464.7 million compared to KWD 442.6 mln over the same period last year. Finance portfolio increased to reach KWD 8.268 billion compared to KWD 8.029 billion for the same period last year, i.e. an increase by 3 per cent. Based on this increase, assets size has reached KWD 17.502 billion compared to KWD 16.732 billion for the same period last year, i.e. an increase by KWD 770 million or 4.6 per cent.
Total deposits increased to reach KWD 14.58 billion compared to KWD 14.04 billion last year, thus marking an increase of KWD 535 million or 3.8 per cent. Shareholders’ equity reached KWD 1.724 billion, which marks an increase by KWD 45 million or 2.7 per cent over same period last year.
“The results attest to the successful policies pursued by the bank and in line with set plans, which reflects its balanced growth across all performance indicators. These policies have also strengthened the bank’s financial position by adapting to local and global economic variables and adhering to the highest standards of professionalism that lead to maintaining KFH’s leadership position in the Islamic finance industry,” said Al-Marzouq.
He added in a press statement that the history of Islamic banks will mark by the end of July a significant event by the official inauguration of the first Islamic bank in Germany “KT Bank AG” with its headquarters based in Frankfurt. Operating a full-fledged Islamic bank is eyed as an important step for KFH Group to expand in the European market and benefit from the huge turnout on sharia complaint products and services.
Al-Marzouq underlined the key achievements in the first half which included bolstering its market share, maintaining high levels of service quality, improvement in E-services to enable clients to complete their transactions round the clock in an easy and secure manner. Moreover, KFH has a wide array of investment deposits that are characterized by their competitive return and flexible investment tenures.
He affirmed that KFH credit facilities to companies and entrepreneurs as per credit regulations and its method of providing comprehensive array of corporate financing and banking services contribute to boosting the economy and diversifying income resources.
Al-Marzouq indicated that KFH is moving forward in settling companies’ debts in the interest of its shareholders and the bank. KFH managed to restructure several debts which resulted in achieving profits. Some of these profits will be added to H1 financial statements, while others will be added during the coming periods.
“KFH will continue its efforts to bolster its role in the local and regional market, and it will continue offering high-end products and services while focusing on enhancing technology and benefiting from the high caliber human capital. KFH is committed to render excellent customer service while adhering to sharia provisions,” Al-Marzouq concluded.