Arab Today, arab today kuwait finance house posts kd 71m in 1q net profits
Last Updated : GMT 21:26:48
Arab Today, arab today
Arab Today, arab today

Kuwait Finance House posts KD 71m in 1Q net profits

Arab Today, arab today

Arab Today, arab today Kuwait Finance House posts KD 71m in 1Q net profits

Kuwait - KUNA

Kuwait Finance House (KFH) said here on Saturday it had posted net profits of KD 71.012 million (USD 252.4 million) in the first quarter of 2014. KFH Chairman Hamad Al-Marzouq said his bank had achieved gross profits of KD 71.012 mln for the first quarter of the fiscal year 2014. Net profits for shareholders reached KD 26.056 million (USD 92.6 million) with an increase of 13 percent over the same period last year. Earnings per share increased by 1 percent to 6.12 fils over the same period last year. Total revenue increased by 1 percent to KD 224.4 million (USD 797.2 million) over the same period last year, he said in a statement. Assets volume increased by KD 2.3 billion (USD 8.17 billion) to reach KD 17.3 billion, an increase of 16 percent over the same period last year. Deposits increased by KD 636 million (USD 2.2 million) to reach KD 10.3 billion (USD 36.6 billion), an increase of 7 percent over same period last year, he added. Total Shareholders' equity increased by KD 359 million, to reach KD 1.7 billion, an increase of 27 percent over the same period last year. The profits growth strengthens the bank's position to achieve its goals and aspirations during the upcoming period according to its inclusive vision that takes into consideration maintaining the bank's solid and global leading position in the Islamic finance industry, he added. He went on to say that performance indicators are to be compatible with the bank's vision, stressing that KFH enjoys numerous points of strength that will be enhanced and activated to boost the bank's leading financial position, and to maintain a stable growth rate and balanced performance for all KFH's businesses. Al-Marzouq highlighted the importance of focusing on achieving the long term sustainable growth for KFH which reflects its strong financial position and the ability to adapt to new local and global variables, circumstances and conditions, pointing out the importance of following a conservative policy aims at improving precautionary provisions. Moreover, Al-Marzouq emphasized the adherence to the policies plotted by KFH in terms of sharia, which characterized its career over the past years. Al-Marzouq said that KFH will continue putting forth efforts to reinforce its role in the local and regional market along with offering competitive products and services, with a focus on exploiting technological breakthroughs and taking advantage of all the applications on different channels in an effort to grant clients the best service standards that are subject to the concepts of accuracy, safety and speed. He underscored KFH's active role in boosting the national economy through the wholesale finance in accordance with professional and credit regulations and standards, noting that that the capital adequacy ratio (CAR) of 17.5 percent provides an opportunity to increase financing. 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.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today kuwait finance house posts kd 71m in 1q net profits Arab Today, arab today kuwait finance house posts kd 71m in 1q net profits

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today kuwait finance house posts kd 71m in 1q net profits Arab Today, arab today kuwait finance house posts kd 71m in 1q net profits

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 23:13 2017 Sunday ,18 June

New ransomware virus attacking mobiles in Oman
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday