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Kuwait, 26 July 2007. Mr. Mohamed Suliman Al-Omar, General Manager of Kuwait Finance House has announced the financial results for the first half of 2007, where Kuwait Finance House (KFH) has achieved a total profit of US$869.08 million (RM2,963.36 million) as compared to a total profit of US$588.13 million (RM2,005.39 million) for the first half of last year, resulting in a growth rate of 48%.
Net profit attributable to the Shareholders constituted US$406.39 million (RM1,385.68 million) of the total profit, which is an increase of 55% compared to the same period of the last year.
The earnings per share increased to US$0.25 (RM0.87) compared to US$0.16 (RM0.56) for the same period of the last year, an increase of 55%. After taking into account the capital increase at the beginning of the year into consideration, the earnings per share for the first half of the year is US$0.24 (RM0.81) compared to US$0.16 (RM0.56) during the same period of the last year, an increase of 45%.
Total assets at the end of the first half of 2007 amounted to US$27.94 billion (RM95.27 billion), which is an increase of US$9.09 billion (RM30.98 billion) from the same period last year, or a growth of 48%.
Likewise, total deposits at the end of the first half of 2007, rose to US$16.81 billion (RM57.30 billion), which is an increase of US$4.31billion (RM14.71 billion) from the same period of the last year, or a growth of 35%.
Return on Assets (ROA) is 3.3% per annum, and the Return on Equity (ROE) is 30% per annum.
Mr Al-Omar said that the indicators and the results of the first half of this year are very promising and reflects the business plans and objectives of the Bank.
KFH, Algeria
"Following the KFH policy of foreign expansion and penetration of new markets, KFH has targeted the Arab Maghreb markets comprising the Republic of Algeria and Kingdom of Morocco," said Mr Bader Abdul Mohsen Al-Mukhaizeem, Chairman and Managing Director of Kuwait Finance House. During a recent visit to Algeria, the KFH delegation met with senior Government officials of the financial and investment sectors in Algeria. "KFH is currently studying the establishment of a subsidiary bank with a capital worth US$ 100 million in Algeria, after obtaining the necessary approvals from the supervisory authorities in the State of Kuwait and Algeria," Al-Mukhaizeem stated.
"In addition, KFH intends to establish a holding company in the Kingdom of Morocco to seize the existing investment opportunities and create new businesses with the local corporations," added Al-Mukhaizeem.
KFH Group
Al-Omar elaborated on the notable developments and progress of the other banks within the KFH Group, located in Bahrain, Turkey, and Malaysia.
For Kuwait Finance House (Malaysia) Berhad, the wholly-owned subsidiary has arranged numerous deals with major companies and corporations in Malaysia and Southeast Asian countries. Among these include the setting-up of a healthcare centre and a real estate company in China. The Bank has also established a specialised research arm, the first of its kind for an Islamic financial institution. KFH in Malaysia is continuing its ambitious plan of establishing 50 branches throughout Malaysia, the most recent to open being the Shah Alam branch, officiated this year by the Kuwaiti Minister of Finance and Minister of Commerce.
Local Market
Al-Omar highlighted that the domestic market is still a priority. KFH is currently planning the establishment of six new branches in the State of Kuwait by the end of the year. KFH has also launched four major promotional campaigns targeting dealers and clients. In addition to this, branches will operate in the evening, as well as continue to introduce new products and services into the market.
Net profit attributable to the Shareholders constituted US$406.39 million (RM1,385.68 million) of the total profit, which is an increase of 55% compared to the same period of the last year.
The earnings per share increased to US$0.25 (RM0.87) compared to US$0.16 (RM0.56) for the same period of the last year, an increase of 55%. After taking into account the capital increase at the beginning of the year into consideration, the earnings per share for the first half of the year is US$0.24 (RM0.81) compared to US$0.16 (RM0.56) during the same period of the last year, an increase of 45%.
Total assets at the end of the first half of 2007 amounted to US$27.94 billion (RM95.27 billion), which is an increase of US$9.09 billion (RM30.98 billion) from the same period last year, or a growth of 48%.
Likewise, total deposits at the end of the first half of 2007, rose to US$16.81 billion (RM57.30 billion), which is an increase of US$4.31billion (RM14.71 billion) from the same period of the last year, or a growth of 35%.
Return on Assets (ROA) is 3.3% per annum, and the Return on Equity (ROE) is 30% per annum.
Mr Al-Omar said that the indicators and the results of the first half of this year are very promising and reflects the business plans and objectives of the Bank.
KFH, Algeria
"Following the KFH policy of foreign expansion and penetration of new markets, KFH has targeted the Arab Maghreb markets comprising the Republic of Algeria and Kingdom of Morocco," said Mr Bader Abdul Mohsen Al-Mukhaizeem, Chairman and Managing Director of Kuwait Finance House. During a recent visit to Algeria, the KFH delegation met with senior Government officials of the financial and investment sectors in Algeria. "KFH is currently studying the establishment of a subsidiary bank with a capital worth US$ 100 million in Algeria, after obtaining the necessary approvals from the supervisory authorities in the State of Kuwait and Algeria," Al-Mukhaizeem stated.
"In addition, KFH intends to establish a holding company in the Kingdom of Morocco to seize the existing investment opportunities and create new businesses with the local corporations," added Al-Mukhaizeem.
KFH Group
Al-Omar elaborated on the notable developments and progress of the other banks within the KFH Group, located in Bahrain, Turkey, and Malaysia.
For Kuwait Finance House (Malaysia) Berhad, the wholly-owned subsidiary has arranged numerous deals with major companies and corporations in Malaysia and Southeast Asian countries. Among these include the setting-up of a healthcare centre and a real estate company in China. The Bank has also established a specialised research arm, the first of its kind for an Islamic financial institution. KFH in Malaysia is continuing its ambitious plan of establishing 50 branches throughout Malaysia, the most recent to open being the Shah Alam branch, officiated this year by the Kuwaiti Minister of Finance and Minister of Commerce.
Local Market
Al-Omar highlighted that the domestic market is still a priority. KFH is currently planning the establishment of six new branches in the State of Kuwait by the end of the year. KFH has also launched four major promotional campaigns targeting dealers and clients. In addition to this, branches will operate in the evening, as well as continue to introduce new products and services into the market.
