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Kuala Lumpur, Malaysia, 16 April 2007. Bader Abdul Mohsen Al-Mukhaizeem Chairman and Managing Director of Kuwait Finance House has announced that KFH has realized a profit for the first quarter of the current year totaling US$396.39 million (RM1366.87 million), compared to a total profit of US$278.41 million (RM960.04 million) for the first quarter of last year, a growth rate of 42 %. Shareholders constitute US$177.65 million (RM612.59) of the profit, an increase of 38 %, compared to the same period last year.
Profit per share for the first quarter rose to US$0.12 (RM0.43), compared to US$0.09 (RM0.31) for the same period of last year, an increase of 38 %. Assets amounted to US$23.642 billion (RM81.526 billion), up by US$6.522 billion (RM22.489 billion) for the same period last year, i.e. 38 %. For the first quarter, deposits amounted to US$14.728 billion (RM50.785 billion), an increase of US$2977 million (RM10267 million), i.e. up by 25 % over the same period last year. Return On Assets (ROA) reached 3.1 % p.a., and Return On Equity (ROE) registered 31 % p.a.
Mr. Al-Mukhaizeem stated that the financial indicators and results for the first quarter positively reflect the action plans set by the management and executed by all employees. "The figures demonstrate the successful investments in quality assets of increasing value, together with careful, objective monitoring of risk and mitigation techniques. In addition, we capitalized on the flexibility, seized profitable opportunities, and moved in the market with a vision aiming to maximize profit for depositors and shareholders alike," he explained.
"During the first quarter of this year, KFH has been awarded with positive ratings and appreciation certificates, all of which commended its achievements, its vital role in the Islamic financial transactions market, as well as its net worth and expertise in both regional and global levels. In this context, KFH has been awarded twice by the international Islamic Finance News magazine for its major role in financing the largest and best two transactions in 2006. Arabian Business magazine has also awarded KFH with Excellence certification in Islamic financial transactions. Fitch upgraded KFH's credit rating to A, commending its quality competitiveness and distinctive growth rates," he elaborated.
"Efforts for international expansion have provided KFH with momentum and strength in the various markets. Kuwait Finance House (Malaysia) Berhad successfully arranged several transactions in collaboration with major financial institutions and corporate entities in Malaysia and South East Asian countries. These include, but not limited to, participation in a health care company, a real estate company operating in China, and winning the Best New Islamic Bank Award in Malaysia," said Mr.Al-Mukhaizeem.
He stressed that the Kuwaiti-Turkish relations have acquired new momentum through the exchanged visits among the major officials in both countries, the last of which was paid by HH The Prime Minister, Sheikh Naser Mohammad Al-Ahmad Al-Sabah, who was accompanied by a delegation representing businessmen. "The visit focused on furthering inter-trade and entering into joint investments. Meetings were held with a number of influential economic activists there. HH took note of the development of investment between Kuwait and GCC, on one part, and Turkey on the other part, as well as the positive role of KFH-Turkey since its inception 20 years in strengthening the commercial and economic relations between both parties," he added.
"KFH has always had a tangible role in executing certain agreements, such as establishing a real estate company with the Turkish Housing Authority, owing to the strong relations KFH holds with the Turkish market since its inception," he stated.
Profit per share for the first quarter rose to US$0.12 (RM0.43), compared to US$0.09 (RM0.31) for the same period of last year, an increase of 38 %. Assets amounted to US$23.642 billion (RM81.526 billion), up by US$6.522 billion (RM22.489 billion) for the same period last year, i.e. 38 %. For the first quarter, deposits amounted to US$14.728 billion (RM50.785 billion), an increase of US$2977 million (RM10267 million), i.e. up by 25 % over the same period last year. Return On Assets (ROA) reached 3.1 % p.a., and Return On Equity (ROE) registered 31 % p.a.
Mr. Al-Mukhaizeem stated that the financial indicators and results for the first quarter positively reflect the action plans set by the management and executed by all employees. "The figures demonstrate the successful investments in quality assets of increasing value, together with careful, objective monitoring of risk and mitigation techniques. In addition, we capitalized on the flexibility, seized profitable opportunities, and moved in the market with a vision aiming to maximize profit for depositors and shareholders alike," he explained.
"During the first quarter of this year, KFH has been awarded with positive ratings and appreciation certificates, all of which commended its achievements, its vital role in the Islamic financial transactions market, as well as its net worth and expertise in both regional and global levels. In this context, KFH has been awarded twice by the international Islamic Finance News magazine for its major role in financing the largest and best two transactions in 2006. Arabian Business magazine has also awarded KFH with Excellence certification in Islamic financial transactions. Fitch upgraded KFH's credit rating to A, commending its quality competitiveness and distinctive growth rates," he elaborated.
"Efforts for international expansion have provided KFH with momentum and strength in the various markets. Kuwait Finance House (Malaysia) Berhad successfully arranged several transactions in collaboration with major financial institutions and corporate entities in Malaysia and South East Asian countries. These include, but not limited to, participation in a health care company, a real estate company operating in China, and winning the Best New Islamic Bank Award in Malaysia," said Mr.Al-Mukhaizeem.
He stressed that the Kuwaiti-Turkish relations have acquired new momentum through the exchanged visits among the major officials in both countries, the last of which was paid by HH The Prime Minister, Sheikh Naser Mohammad Al-Ahmad Al-Sabah, who was accompanied by a delegation representing businessmen. "The visit focused on furthering inter-trade and entering into joint investments. Meetings were held with a number of influential economic activists there. HH took note of the development of investment between Kuwait and GCC, on one part, and Turkey on the other part, as well as the positive role of KFH-Turkey since its inception 20 years in strengthening the commercial and economic relations between both parties," he added.
"KFH has always had a tangible role in executing certain agreements, such as establishing a real estate company with the Turkish Housing Authority, owing to the strong relations KFH holds with the Turkish market since its inception," he stated.
