KFH posts Kawiti dinar 115.9m in net profits for 2013

Kuwait Finance House (KFH) posted KD 115.9 million in net profits for 2013, 23 percent over 2012's net profits. KFH Chairman Mohammad Al-Khudairi said in news remarks here on Monday KFH has achieved a growth in all its financial indicators for the fiscal year 2013, considering the achieved results a significant milestone that places KFH on the right track to achieve sustainable profitability, a stronger capital base, and improve KFH's market share. The bank has achieved total revenues of KD 996 mln for the fiscal year 2013 with an increase of KD 67.3 mln, a 7.3 percent over last year, he said.Shareholders' net profits increased by KD 28.2 mln, to reach KD 115.9 mln, an increase of 32 percent over last year. Earnings per share increased by 6.22 fils to reach 32.69 fils, an increase of 23 percent over last year, he added.The Board of Directors has proposed a 13 percent dividend distribution and 13 percent bonus shares subject to approval of general assembly and regulatory authorities, the KFH chairman noted.Total Assets increased by KD 1.4 bln to reach KD 16.1 bln, an increase of 10 percent over last year, while customer deposits increased by KD 711 mln to reach KD 10.1 bln, an increase of 8 percent over last year. Shareholders' equity increased by KD 401 mln, to reach KD 1.7 bln, an increase of 30 percent over the same period last year.Moreover, the KFH chairman underscored KFH's active role in wholesale finance in accordance with professional and credit regulations and standards. He highlighted KFH's perseverance to support Kuwaiti corporations in the pursuit of more inclusive and sustainable economic growth. Al-Khudairi said that KFH will continue expanding in global markets, in light of the set and approved five-year plan, to reinforce its international position and presence in the global market and to search for lucrative long-term investment opportunities. It will also initiate relationships between those markets and Kuwait and the GCC.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.