Kuwait Finance House (KFH) Chairman Sameer Al-Nafisi announced that KFH achieved gross profits during First Half of this year that reached KD 120.8 million, and shareholders’ share in profit reached KD 45.5 million.
Earnings per share reached 17.1 fils during First Half.
Assets reached KD 12.9 billion with an increase of KD 945 million with 8% increase over the same period last year. Deposits reached KD 8.4 billion with a KD 1.030 billion increase and 14 % increase over the same period last year.
Shareholders’ equity reached KD 1.267 billion, with an increase of KD 23 million and 2% over same period last year.
He stressed that the achieved profits reflect the conservative policy that aims to reinforce precautionary provisions, and highlighted KFH’s efforts to reinforce its financial status and to maintain steady growth and balanced performance in all businesses.
Moreover, he shed light on KFH’s efforts in supporting the national economy, such as financing numerous companies according to the credit terms and regulations, where those companies either have their own projects or are working in collaboration with other authorities in major developmental projects. He asserted that this strategic role will not stop, since the bank firmly believes in supporting the national economy and in prioritizing Kuwaiti companies; especially during the current circumstances of the market. He pointed out that KFH organizes many marketing and promotional campaigns in collaboration with suppliers and major companies, in order to boost the economy and meet the demands of clients.
Furthermore, he stated that KFH has received several prestigious awards from specialized financial authorities during the past period, such as Best Islamic Bank in the Gulf and Kuwait, in addition to the Best Islamic Real Estate Financer from Global Finance. This award underscored KFH’s leading role in financing local real estate that offered residency for thousands of Kuwaiti families over the past 30 years. KFH has also taken part in major real estate development projects around the world.
Al-Nafisi stressed the importance of the local market, and mentioned that KFH is keen to develop its market share through opening new branches in various locations, in order to be close to clients everywhere; in addition to offering unique and competitive products and services to expand client base. He remarked that KFH offered products that never existed before, such as the five year deposit and transparent banking cards.
Concerning overseas expansion, he noted that KFH gains a foothold in strong competitive markets whenever possible, in order to serve as platforms to reach other neighboring markets. KFH-Turkey serves as a gate to Central Asia and Europe, which is evident by the fact that KFH-Turkey had opened a branch in Germany. KFH-Malaysia also serves as a gate to other neighboring countries and China, while KFH-Bahrain is considered to be a main pillar in the GCC markets and some markets in the Middle East. He explained that the GCC markets are Kuwait’s economic and social strategic depth, and revealed that KFH is currently considering several investment opportunities in some GCC countries in light of the promising economic developments in those countries.