Total profits for the same period reached KWD 111.7 million that include KWD 68.6 million as estimated profit for investment depositors.
Shareholders’ net profit reached KWD 42.1 million, while earnings per share reached 14.8 fils.
Total assets increased to KWD 14 billion with a KWD 1.1 billion (8.5 per cent) increase compared to the same period last year. The volume of deposits increased to KWD 8.9 billion with a KWD 534 million (6.4 per cent) increase compared to the same period last year.
Shareholders’ equity reached KWD 1.3 billion with KWD 21 million (1.7 per cent) increase compared to the same period last year.
Al-Nafisi asserted that the profits reflect the success of KFH’s conservative approach seeking to cement its financial status and maintain its stable growth rate.
He noted that the rewards of the transformation programme are expected to be reaped during the coming period. He went on to say that this plan will serve as a stepping stone to further growth in all fields, where Islamic banking witnesses significant development locally and globally. He stressed that KFH is in a strong position that allows it to take advantage of such developments, in order to offer its clients and shareholders the best benefits possible. He underlined the bank’s ability to implement its strategies and plans even during challenging circumstances.
Moreover, he explained that KFH remains one of the local market’s main players through boosting the sales of merchants in various fields, not to mention its leadership in the field of Islamic banking. He said that KFH focuses on the local market, and seeks to expand its client base and reinforce its geographic presence through opening new branches. He went to say that KFH possesses financial and technical abilities to finance major projects that have developmental objectives.
Furthermore, Al-Nafisi stated that KFH and most of its subsidiaries bagged prestigious international awards; not to mention the positive ratings granted to it by major global rating agencies. KFH has also offered its clients products that never existed before in the fields of deposits, banking cards, and technology services.
Regarding overseas markets, Al-Nafisi highlighted the importance of the GCC markets, since they are Kuwait’s social and economic strategic depth. In addition, KFH’s overseas markets serve as a platform to enter neighbouring markets in Europe, south East Asia, and other areas. He mentioned that KFH will continue following its expansion plan, based on the previous successes, and remarked that the expansion policy is expected to gain momentum in light of the current restructuring phase that markets are experiencing.
Al-Nafisi stressed that KFH-Turkey has managed to cement its presence as one of the best Islamic banks in Turkey, which is evident by continuous growth in deposits, assets, and revenues, in addition to opening branches in Germany, Dubai, and Bahrain.
KFH-Turkey has also offered its clients a Silver Investment Fund that was enlisted in Istanbul’s bourse, which is considered to be a paradigm shift in the field of Islamic banking. The bank also serves to strengthen the relationship between Turkey and its neighbouring markets on the one hand, and between Kuwait and other GCC countries on the other. He mentioned that the bank launched a new product, which is Real Estate Financing in Turkey for investors and individuals in Kuwait and the GCC, in order to meet the growing demand for real estate in Turkey.
*Source: CPI Financial