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

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.