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Kuala Lumpur 15 April 2008 ¿ The Chairman and Managing Director of Kuwait Finance House (KFH) Bader Abdul Muhsen Al-Mukhaizeem announced that KFH has achieved total profits of USD569.77 million (RM1.82 billion) in the first quarter of 2008. This is an increase of 32% compared to USD431.59 million (RM1.38 billion) in the first quarter of 2007. Net profits to shareholders reached USD276.39 million (RM883.08 million), increasing 43% over the same period last year.
Per share earnings were 33% higher at 14 US cents (43 sen) compared to 10 US cents (32 sen) for the same period of last year. The latter worked out to 9 cents (30 sen) when adjusted for the capital increase from 1 January 2007 and bonus shares issued during 2008. Assets reached USD35.43 billion (R113.20 billion), up 38% or USD27.75 billion (RM82.28) from the same period last year.
Deposits for the first quarter reached USD22.29 billion (RM71.21 billion), an increase of 39% over the same period last year. The return on assets reached 3.2% per annum and the return on shareholders' equity reached 26% per annum.
According to Al-Mukhaizeem, the financial indicators and results for the first quarter are testament of the plans and strategies implemented by the management and subsequently executed by the employees. The figures indicate the success of investing in quality assets, taking into consideration the potential risk exposures and subsequently minimising them. Opportunities must be seized whenever there are good prospects in various markets, with the aim of achieving the highest profits possible for depositors and shareholders.
According to Al-Mukhaizeem, KFH is increasingly recognised and appreciated in the Islamic financial industry, regionally and globally, as seen in the numerous awards which KFH has received in the first quarter of this year. Moreover, KFH has also received invitations from many governments to work in their countries, either by opening independent banks, or by executing projects or establishing corporations.
KFH is contemplating to enter new markets and is studying investment opportunities in many countries in South East Asia, added Al-Mukhaizeem, noting that there have been talks and visits between the bank and the government of Hong Kong. KFH also is considering expansions into China, Singapore, and Indonesia, through KFH-Malaysia, which is the closest to these markets and have formed strategic alliances in these countries.
In order to benefit from the continuous positive developments in the Gulf economy, KFH will continue to target the Gulf Cooperation Council (GCC) markets and the promising opportunities in this thriving market.
He added that KFH is on the verge of making its presence felt and increase its investments in North Africa and the Arabian West, which can serve as a platform for expansion in neighbouring countries. He expressed the Bank's keenness to increase its branches and services in the Kuwaiti market, apart from continuously offering new and innovative services and products, and to target specific segments of the market. KFH aims to have 50 branches by the end of this year, where six new branches will be added to the 44 branches that are in operation currently. This is to cement KFH's network and to cater to the largest segment possible.
Al-Mukhaizeem enlightened the continuous efforts in launching new KFH services and products, such as the "Al-Kawthar" investment deposit that provides monthly returns launched in the first quarter, and "Mobi Baitak", which is a mobile bank that reaches KFH's clients wherever they are. KFH has also established a subsidiary company capitalised at KD 100 million and approved by the Central Bank of Kuwait (CBK), to specialise in Sukuk and which is already considering some deals to issue Sukuk in the coming period. KFH also established a portfolio based on "Al-Salam" to deal with selling and acquisition in the global commodities' market.
Per share earnings were 33% higher at 14 US cents (43 sen) compared to 10 US cents (32 sen) for the same period of last year. The latter worked out to 9 cents (30 sen) when adjusted for the capital increase from 1 January 2007 and bonus shares issued during 2008. Assets reached USD35.43 billion (R113.20 billion), up 38% or USD27.75 billion (RM82.28) from the same period last year.
Deposits for the first quarter reached USD22.29 billion (RM71.21 billion), an increase of 39% over the same period last year. The return on assets reached 3.2% per annum and the return on shareholders' equity reached 26% per annum.
According to Al-Mukhaizeem, the financial indicators and results for the first quarter are testament of the plans and strategies implemented by the management and subsequently executed by the employees. The figures indicate the success of investing in quality assets, taking into consideration the potential risk exposures and subsequently minimising them. Opportunities must be seized whenever there are good prospects in various markets, with the aim of achieving the highest profits possible for depositors and shareholders.
According to Al-Mukhaizeem, KFH is increasingly recognised and appreciated in the Islamic financial industry, regionally and globally, as seen in the numerous awards which KFH has received in the first quarter of this year. Moreover, KFH has also received invitations from many governments to work in their countries, either by opening independent banks, or by executing projects or establishing corporations.
KFH is contemplating to enter new markets and is studying investment opportunities in many countries in South East Asia, added Al-Mukhaizeem, noting that there have been talks and visits between the bank and the government of Hong Kong. KFH also is considering expansions into China, Singapore, and Indonesia, through KFH-Malaysia, which is the closest to these markets and have formed strategic alliances in these countries.
In order to benefit from the continuous positive developments in the Gulf economy, KFH will continue to target the Gulf Cooperation Council (GCC) markets and the promising opportunities in this thriving market.
He added that KFH is on the verge of making its presence felt and increase its investments in North Africa and the Arabian West, which can serve as a platform for expansion in neighbouring countries. He expressed the Bank's keenness to increase its branches and services in the Kuwaiti market, apart from continuously offering new and innovative services and products, and to target specific segments of the market. KFH aims to have 50 branches by the end of this year, where six new branches will be added to the 44 branches that are in operation currently. This is to cement KFH's network and to cater to the largest segment possible.
Al-Mukhaizeem enlightened the continuous efforts in launching new KFH services and products, such as the "Al-Kawthar" investment deposit that provides monthly returns launched in the first quarter, and "Mobi Baitak", which is a mobile bank that reaches KFH's clients wherever they are. KFH has also established a subsidiary company capitalised at KD 100 million and approved by the Central Bank of Kuwait (CBK), to specialise in Sukuk and which is already considering some deals to issue Sukuk in the coming period. KFH also established a portfolio based on "Al-Salam" to deal with selling and acquisition in the global commodities' market.
