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Please upload the media release below to the Press Release - 2018 page (screenshot below).

29.04.2018 KFH Kuwait: Net Profit for KFH up 13.9% in Q1

KFH Kuwait: Net Profit for KFH increased by 13.9% in Q1 2018

Net financing income increased by 38.2% to USD 459.3 million, total operating income increased by 12.2% to USD 627.55 million, and net operating income increased by 11.7% to USD 366.04 million for the first quarter of 2018

Kuwait, 29 April 2018: Chairman of Kuwait Finance House (KFH) Hamad Abdulmohsen Al-Marzouq said that KFH has, by the grace of Allah, reported net profits of USD 145.92 million for the first quarter of 2018 for KFH shareholders compared to USD 128.07 million for the same period last year i.e. an increase of 13.9%.

Net finance income for Q1 this year reached USD 459.23 Million i.e. a growth of 38.2% compared to the same period last year. Total operating income for the first quarter of the year reached USD 627.58 million, i.e. a growth increase by 12.2% and net operating income reached USD 366.04 million, i.e. a growth of 11.7% compared to the same period last year.

Earnings per share for the first quarter of 2018 reached 7.03 fils, compared to 6.17 fils for the same period last year i.e. an increase of 13.9%.

Finance portfolio reached USD 31.52 billion i.e. an increase of USD 932.2 million or 3% compared to end of last year. Total deposits reached USD 39.04 billion i.e. an increase of USD 555.21 million or 1.4% compared to end of last year.

Al-Marzouq said that KFH has achieved positive results despite the economic challenges. The realised profits confirm the success of KFH’s strategy of the development of current customer base, innovation based on the new digital financial technology (fintech) and achievement of operational excellence, while achieving harmony among KFH group banks to ensure sustainable growth, enhance service and risk policies and adhere to regulations for achieving rewarding returns for shareholders and investors.

Al-Marzouq added in a press release, that KFH focuses efforts on core banking business, improving asset quality while delivering superior innovation and customer service excellence in an effort to achieve its vision of leading the international development of Islamic financial services, and becoming the most trusted and sustainably most profitable shariah-compliant bank in the world. He indicated KFH was a pioneer in rolling out a large variable package of advanced banking and investment products to meet customers’ finance and investment needs as per the highest international standards of quality, efficiency and security.

KFH group banks in Turkey, Malaysia, Bahrain and Germany have continued their outstanding and successful performance in accordance with the set plans and strategies to benefit from the elements of strength in each market in which they operate and achieve more coordination and expansion in joint projects.

Al-Marzouq reiterated KFH keenness to participate in financing major and infrastructure projects which are considered as strategic and significant in KFH business, yet as part of KFH’s contribution to the development efforts and assisting companies to develop their work. KFH financed different mega projects in Kuwait and the countries where it operates of which inking credit facility agreement of USD 413.50 million for financing terminal II building for Kuwait International Airport, and 200 million euros credit facility for the construction of Çanakkale Bridge in turkey. In addition, KFH and Kuwait Projects Company Holding (KIPCO), signed a Memorandum of Cooperation ‘MOC’ stating that KFH offers Sharia-compliant financing solutions for individual purchasers of residential or commercial property in Hessah AlMubarak District real estate development project. He indicated KFH leadership position in the Sukuk market noting the Bank has succeeded in arranging the issuance of USD 1 Billion Sukuk for Dubai Islamic Bank. The vast experience of KFH Group in the Sukuk issuance has positioned it as a trustworthy and highly recognised organisation by major corporates and governments globally. The various structures used by KFH Group in arranging sukuk have made sukuk to be highly competitive and efficient.

Al-Marzouq emphasised that the positive ratings of KFH by international rating agencies and the prestigious international awards granted by global institutions are considered as a positive indicator on the soundness and success of set plans. KFH is in the premier market in Boursa Kuwait. KFH considers customers dedication, trust and loyalty as the best prize ever awarded and the true rating of its efforts at the group level.