KFH Bahrain
KFH Germany
KFH Kuwait
KFH Turkey
Contact Us
Branch & ATMS Locator
Safat, Kuwait, 17 October, 2007 ¿ Kuwait Finance House (KFH) has released its results for the third quarter ending 30 September 2007 (Q3 2007). In announcing the results, Bader Abdul-Muhsen Al-Mukhaizeem, the Chairman and Managing Director of KFH, declared that total profits achieved by KFH in the third quarter of 2007 is USD1,395.54 million (RM4,769.96 million), up 49% when compared to USD938.12 million (RM3,206.51) in the same period last year. Net profit attributable to shareholders is USD627.33 million (RM 2,144.21 million), an increase of 43 % from the comparative period last year.
The earnings per share climbed 38% to USD 0.38 (RM 1.30) during Q3 2007 compared to USD 0.28 (RM 0.95) in Q3 2006. After taking into account the capital increase at the beginning of the year, the earnings per share was up 32% to USD0.37 (RM1.25).
Total assets as at 30 September 2007 stood at USD29.25 billion (RM 99.98 billion), rising by USD9.02 billion (RM 30.83 billion) or 45% from 30 September 2006.
Total deposits in Q3 2007 increased by USD 5.31 billion (RM 18.16 billion) or 43% to USD 17.81 billion (RM 60.87 billion) or 43 % from the corresponding period last year.
Return on assets (ROA) stood at 3.2 % per annum and the return on equity (ROE) is at 27 % per annum.
Al-Mukhaizeem said that the financial indicators and results for the third quarter of the year are very promising and is a reflection of the business plans and objectives as developed by the top management being put into action by the team at KFH. The results also reflect the successful approach of its investment in high quality assets, prudent and objective risk monitoring and risk mitigation methods, and the ability to take advantage of investment opportunities as well as the successful penetration of the different markets. These are in line with the vision and aspirations of KFH to achieve the best possible returns for its depositors and shareholders.
KFH takes pride in the accomplishments and its success stories in the Islamic financial business, he added. These relate either to its financial results, financial indicators, services and products, the intellectual and methodology used towards establishment of the rules and enforcement of such principles, or the qualification of its leaders and officials who provided guidance to the Islamic financial institutions in the State of Kuwait and worldwide.
With regards to KFH being described as the Harvard of Islamic Banks by Forbes Magazine, Al-Mukhaizeem said that this description is not given to KFH from scratch but is based on a history of record achievements, successes and commitment. In addition, it also highlights the KFH's leadership ability to operate at the local and international levels. This could not have been achieved without the efforts of its sincere and efficient staff members who have played significant roles in achieving this success.
New Markets & Opportunities
Al-Mukhaizeem declared that the international expansion plan can be expected to show more progress in two significant dimensions. Firstly, through the opening of new markets by having investment in countries that have positive, encouraging economic and legislative developments, potential for new growth rates as well as having promising investment opportunities, but he did not mention any specific geographical area or business. He also noted that the soon-to-be produced feasibility study by KPMG on the establishment of an Islamic Bank in Algeria will effectively evaluate KFH's efforts in this respect; this is in light of the last positive visit made by KFH investment delegation to the Republic of Algeria. Prospective opportunities of investment in other regions such as South East Asia, Central Asia, the Middle East, or the Arab Gulf countries will also be evaluated.
Bridges of Cooperation
Al-Mukhaizeem outlined that KFH subsidiaries in Malaysia, Turkey, and Bahrain have plans of expansion in the markets of their particular neighbouring countries, in addition to reinforcing their positions in their respective markets. KFH-Malaysia is deepening its role in the markets of South East Asian countries in addition to penetrating new markets in China. KFH Turkey is aspiring for the European market and central and west Asian countries. All KFH subsidiaries are concentrating on playing a pivotal and significant role; the building of cooperation bridges and the business exchange between the countries where these subsidiaries are located on one side and the GCC countries, particularly in the State of Kuwait, on the other side. This also includes the transfer of the successful economic knowledge, expertise, and experiences.
"In this regard, KFH Malaysia has concluded multiple deals worth USD 400 million (RM1,367.20 million) with key financial institutions in Malaysia and South East Asia countries. KFH Turkey has funded deals worth more than USD 500 million. KFH Bahrain is engaged in mega projects and deals in the region and the world," Al-Mukhaizeem said.
Out of its commitment to enhance client services, KFH has managed to assign programmes for several tiers of clients to include ladies, men, youth, and the offspring in addition to Islamic finance clients' service and the corporate and businessmen financing service. KFH is also keen on providing big and diversified privileges specific to each tier of clients. Noteworthy is that KFH is studying to launch new products and services, while reinforcing the concept of a Comprehensive Branch which allows clients to get all the services under one site.
Al-Mukhaizeem highlighted the fact that the local market is still a priority. In spite of the several success stories at the international level, the local market will remain its focus. KFH has a considerable market share that is growing continuously in all fields and activities. Clients' deposits have soared by 43 %, a matter which motivates the efforts of all staff members to keep on providing higher level of services and returns.
The earnings per share climbed 38% to USD 0.38 (RM 1.30) during Q3 2007 compared to USD 0.28 (RM 0.95) in Q3 2006. After taking into account the capital increase at the beginning of the year, the earnings per share was up 32% to USD0.37 (RM1.25).
Total assets as at 30 September 2007 stood at USD29.25 billion (RM 99.98 billion), rising by USD9.02 billion (RM 30.83 billion) or 45% from 30 September 2006.
Total deposits in Q3 2007 increased by USD 5.31 billion (RM 18.16 billion) or 43% to USD 17.81 billion (RM 60.87 billion) or 43 % from the corresponding period last year.
Return on assets (ROA) stood at 3.2 % per annum and the return on equity (ROE) is at 27 % per annum.
Al-Mukhaizeem said that the financial indicators and results for the third quarter of the year are very promising and is a reflection of the business plans and objectives as developed by the top management being put into action by the team at KFH. The results also reflect the successful approach of its investment in high quality assets, prudent and objective risk monitoring and risk mitigation methods, and the ability to take advantage of investment opportunities as well as the successful penetration of the different markets. These are in line with the vision and aspirations of KFH to achieve the best possible returns for its depositors and shareholders.
KFH takes pride in the accomplishments and its success stories in the Islamic financial business, he added. These relate either to its financial results, financial indicators, services and products, the intellectual and methodology used towards establishment of the rules and enforcement of such principles, or the qualification of its leaders and officials who provided guidance to the Islamic financial institutions in the State of Kuwait and worldwide.
With regards to KFH being described as the Harvard of Islamic Banks by Forbes Magazine, Al-Mukhaizeem said that this description is not given to KFH from scratch but is based on a history of record achievements, successes and commitment. In addition, it also highlights the KFH's leadership ability to operate at the local and international levels. This could not have been achieved without the efforts of its sincere and efficient staff members who have played significant roles in achieving this success.
New Markets & Opportunities
Al-Mukhaizeem declared that the international expansion plan can be expected to show more progress in two significant dimensions. Firstly, through the opening of new markets by having investment in countries that have positive, encouraging economic and legislative developments, potential for new growth rates as well as having promising investment opportunities, but he did not mention any specific geographical area or business. He also noted that the soon-to-be produced feasibility study by KPMG on the establishment of an Islamic Bank in Algeria will effectively evaluate KFH's efforts in this respect; this is in light of the last positive visit made by KFH investment delegation to the Republic of Algeria. Prospective opportunities of investment in other regions such as South East Asia, Central Asia, the Middle East, or the Arab Gulf countries will also be evaluated.
Bridges of Cooperation
Al-Mukhaizeem outlined that KFH subsidiaries in Malaysia, Turkey, and Bahrain have plans of expansion in the markets of their particular neighbouring countries, in addition to reinforcing their positions in their respective markets. KFH-Malaysia is deepening its role in the markets of South East Asian countries in addition to penetrating new markets in China. KFH Turkey is aspiring for the European market and central and west Asian countries. All KFH subsidiaries are concentrating on playing a pivotal and significant role; the building of cooperation bridges and the business exchange between the countries where these subsidiaries are located on one side and the GCC countries, particularly in the State of Kuwait, on the other side. This also includes the transfer of the successful economic knowledge, expertise, and experiences.
"In this regard, KFH Malaysia has concluded multiple deals worth USD 400 million (RM1,367.20 million) with key financial institutions in Malaysia and South East Asia countries. KFH Turkey has funded deals worth more than USD 500 million. KFH Bahrain is engaged in mega projects and deals in the region and the world," Al-Mukhaizeem said.
Out of its commitment to enhance client services, KFH has managed to assign programmes for several tiers of clients to include ladies, men, youth, and the offspring in addition to Islamic finance clients' service and the corporate and businessmen financing service. KFH is also keen on providing big and diversified privileges specific to each tier of clients. Noteworthy is that KFH is studying to launch new products and services, while reinforcing the concept of a Comprehensive Branch which allows clients to get all the services under one site.
Al-Mukhaizeem highlighted the fact that the local market is still a priority. In spite of the several success stories at the international level, the local market will remain its focus. KFH has a considerable market share that is growing continuously in all fields and activities. Clients' deposits have soared by 43 %, a matter which motivates the efforts of all staff members to keep on providing higher level of services and returns.
