Net profit of KFH increases 15.2pc

Kuwait : Chairman of Kuwait Finance House (KFH) Hamad Abdulmohsen Al-Marzouq said, “KFH has realised a KD81.6 million net profit for the first half of 2017 for KFH shareholders compared to KD70.9m for the same period last year i.e. an increase of 15.2 per cent. 

Net finance income for H1 this year reached KD210.8m i.e. a growth of 2.7pc compared to the same period last year. Total operating income reached KD343.2m, i.e. a growth of 9.1pc and net operating income reached KD200.3m i.e. a growth of 22.1pc compared to the same period last year.

Total operating expenses decreased by KD7.5m, i.e. a decrease of 5pc over the same period last year. 

Earnings per share for the first half of 2017 reached 14.37 fils, compared to 12.49 fils for the same period last year i.e. an increase of 15.1pc. 

Depositors’ accounts reached KD11.377 billion i.e. an increase of KD714.9m or 6.7pc compared to end of year 2016. Shareholders’ equity reached KD1.795bn at the end of the first half of 2017.

In addition, KFH’s capital adequacy ratio (CAR) reached 17.55pc, higher than the required limit of 15pc, thus reiterating the strength of KFH financial position. 

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 including Turkey, Bahrain, Malaysia, Germany, and others.