COMMUNITY NEWS
Al-Marzouq: KD 137.9 Million Net Profit for KFH shareholders until the End of Q3 2017 – an increase of 12%
Oct 16, 2017 4:52 PM
Earnings per Share 24.26 Fils, an increase of 11.8% Total operating income increased by 9.1% to KD 525.1 million and total financing income increased by 1.5% to KD 542.1 million Growth in the financing portfolio by 13.4% to KD 9.27 billion, Depositors’ accounts increased by 8.7% to KD 11.59 billion
Chairman of
Kuwait Finance House (KFH) Hamad Abdulmohsen Al-Marzouq said that “KFH has, by
the grace of Allah, realized a KD 137.9
million net profit to shareholders until end of Q3 2017 compared to KD 123.1 million for the same period last year i.e. an
increase of 12%.
Financing income reached KD 542.1 million i.e. a growth of 1.5% compared to the same period last year. Total
operating income until the end of Q3 2017 reached KD 525.1 million, i.e. a
growth of 9.1% and net operating income reached KD 311.7 million, i.e. a growth of 19.8% compared to the same period last year.
The operating expenses decreased for the period by KD 7.75 million, i.e. a decrease of 3.5% over the same period last year.
Earnings per share until the end of Q3 2017 reached 24.26 fils, compared to 21.69
fils for the same period last year i.e. an increase of 11.8%.
Total Assets reached KD 17.40 billion i.e. an increase of KD 902 million or 5.5%
compared to end of year 2016.
Financing portfolio reached KD 9.27 billion i.e. an increase of KD 1.1 billion or 13.4%
compared to end of year 2016. Depositors’ accounts reached KD 11.59 billion i.e. an increase of KD 926 million or 8.7%
compared to end of year 2016. Shareholders’ equity reached KD 1.85 billion i.e. an increase of KD 35.5 million or 2%
compared to end of year 2016.
Al-Marzouq
explained that the realized profits are attributed to the efficient execution
of the bank’s strategy by focusing on the core banking business while achieving
stable and sustainable growth across the Group banks in various countries.
KFH
proved resilience in its business model through optimal integration of its
units and activities. KFH continues pursuing cost optimization policy.
Al-Marzouq
added that KFH achieved good profitability and stability in all indicators, including
the total operating revenues and the investment revenues. KFH managed to reduce
the operating expenses in comparison to the revenues. KFH Group has over 481
branches over the world among of which is 61 branches in Kuwait in addition to
46 branches dedicated to serve the ladies. KFH works tirelessly to increase
coordination among the Group units in Turkey, Malaysia, Bahrain, Saudi and
Germany, indicating that KFH constantly endeavors to improve its asset quality
while continuing its prudent policy in risk management as per best practices.
Al-Marzouq said
that KFH has a pioneering position in the retail market. The bank rolled out
advanced banking products and services. Despite the challenging operating
environment in the domestic and international markets, KFH proved resilience in its business
model through optimal integration of its units and activities in the markets of
Turkey, Bahrain, Saudi, and Malaysia while taking advantage of the nature of
each market.
KFH-Turkey is
leading the participation banks in Turkey. It offers a wide range of financial
services while expanding and penetrating new markets. KT Bank Ag in Germany has
also achieved good growth. KFH-Malaysia managed to map out a new
customer-centric strategy based on offering retail and corporate financial
services in the Malaysian market. KFH-Bahrain
inked several financing agreements for several real estate development
projects. It increased its market share in the retail market.
Al-Marzouq
said that the high levels of liquidity and the expertise in the Islamic
financial services industry is witnessing huge turnout locally and globally.
KFH offers a wide range of banking business models and financing options that
suit the financing needs of the individuals, corporates and governments. KFH
arranged several financing deals. KFH-Capital succeeded in arranging syndicated
facility of USD300mln to ALAFCO Aviation Lease and Finance Company. It arranged
many Sukuk deals to companies and governments in the region and the world. The
volume of Letter of Credits and Letter of Guarantees offered to customers is
increasing which reflects the bank efficiency in attracting new customers from
different investment sectors.
He stressed
the significant role of the human resources, indicating the bank spares no
efforts in hiring, training, and qualifying its human resources whilst
preparing the distinguished national employees for leadership position.
The bank
reinforced its technological channels and implemented different
customer-centric initiatives that revolved around customer satisfaction as per
accuracy, security and quality standards.
As part of
its innovation efforts and the keenness to adopt the latest banking technology,
KFH launched several innovative services such as the XTM; the novel approach
that allows customers to perform their transactions in a very modern and secure
manner. KFH offers ATMs for the blind and the disabled. KFH is the first bank
in the Middle East and Africa (MEA) region to launch in collaboration with
Mastercard KFH Wallet service based on the MDES platform. Moreover, the bank
launched 4 innovative e-services in the fields of bank accounts and call center.
KFH remains dedicated to utilizing technology in a way that optimally meets customers’
evolving needs as per highest standards of accuracy, simplicity and security.
Al-Marzouq
stressed the ceaseless efforts of KFH in strengthening its role in boosting the
national economy, primarily through corporate finance as per the credit and
legislative regulations. KFH continues its unremitting efforts to offer credit
facilities for SMEs.
He reiterated
KFH-Group’s significant role in strengthening Sukuk product as a prime
financing instrument for governments and corporates across the global markets,
especially in light of the increasing acceptability of this sharia-complaint
product, that offers financing for corporates, development and infrastructure
projects, and for urban development to achieve further growth and expansion.
KFH is a pioneer in arranging and syndicating the Sukuk issuances across the
world.
The economic development on the local level is moving forward. The government initiatives offer more legislations that comprise a catalyst for attracting foreign investments. Upgrading the Kuwaiti Bourse to emerging-markets classification by index FTSE Russell is very important step for further prosperity. He called for concerted efforts and for further collaboration between the private sector and the government in order to improve the domestic business environment. This boosts the economy, increases the country’s return and contributes in creating more jobs, which achieves the aspiration of the future generations and offers growth and development in all fields.
Kuwait Finance House (KFH)
KFH was established in
Kuwait in 1977 and is enlisted in the Kuwait Stock Exchange. KFH Group is a
global pioneer in the field of Islamic banking services, where it offers a wide
array of Islamic products and services, not to mention a high standard of
innovation and client service.
KFH manages its
operations in the GCC, Asia, and Europe through over 480 branches, including
KFH-Turkey, in order to offer services for the bank's clients in Turkey,
Malaysia, Saudi Arabia, Bahrain, Germany, Jordan, and Dubai.
KFH's mission is to
achieve highest levels of excellence and innovation in the field of client
service, while developing common interest for all those concerned with the
financial institution. KFH's vision is to spearhead the global development in
Islamic financial services, and to upgrade the bank into the level of becoming
the most sustainable profitable Islamic bank in the world.
KFH's values include
cementing leadership through all its businesses, including leadership in the
Islamic banking services worldwide, through innovation and in client service
and the development of its employees. In addition, KFH is committed to all its
procedures, and to setting up long-life partnerships with the concerned
authorities.
For more information,
please visit: www.kfh.com