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Kuala Lumpur 25 January 2008 - Kuwait Finance House's Head of Board and Chief Executive Officer Bader Abdul Mohsen Al-Mukhaizeem announced that Kuwait Finance House (KFH) has achieved total gross profits of USD1.92 billion (RM6.36 billion) for the financial year ending 31 December 2007, an increase of 53% from the previous year. Profits attributable to investment depositors amounted to USD881.69 million (RM 2.93 billion) and the profit distribution rates to the depositors for the year are as follows: 8.63% for investment deposits, 6.71% for Al-Sedra deposit and 5.76% for investment saving accounts. The net profits for shareholders increased by 70% to USD1.00 billion (RM3.32 billion).
Distributable earnings per share (EPS) works out to 61 cents (RM2.00) compared to 37 cents (RM1.23) and after adjusting for the capital increase in January 2007, EPS was 59 cents (RM1.94) compared to 37 cents (RM1.23), respectively.
The Board of Directors has recommended a cash dividend and share dividend of 65% and 20% respectively, compared to 57% and 20% share dividend last year, respectively. The dividends are subject to the approval of the General Assembly and the relevant authorities. Total assets amounted to USD32.00 billion (RM106.13 billion), an increase of USD9.03 billion (RM29.96 billion) from last year.
Al-Mukhaizeem stated that these results are as strong as in the previous years. The high returns for KFH is underpinned by its experience of the market and economic sectors in which it operates and its policy of investing in quality assets. KFH has also taken into consideration the potential risk exposures of the investment and has managed to minimise any such risks. The capable and professional management of the Bank and the teamwork shown by the employees are also commendable.
KFH has disbursed about USD10.90 billion (RM36.19 billion) to finance many corporate and institutions in Kuwait. This is part of its mission as a leading Islamic bank in the domestic market and to support the national economy as well as Kuwaiti companies. This has created great investment opportunities in Kuwait, which has reflected positively on the market and resulted in the recruitment of skilled Kuwaiti employees. In addition to that, it has pushed the national economy and allowed it to venture into other fields of business. These efforts have benefited corporate and institutional clients in the construction, gas, oil, real estate, investment, trading and services, benefited from the financing.
Distributable earnings per share (EPS) works out to 61 cents (RM2.00) compared to 37 cents (RM1.23) and after adjusting for the capital increase in January 2007, EPS was 59 cents (RM1.94) compared to 37 cents (RM1.23), respectively.
The Board of Directors has recommended a cash dividend and share dividend of 65% and 20% respectively, compared to 57% and 20% share dividend last year, respectively. The dividends are subject to the approval of the General Assembly and the relevant authorities. Total assets amounted to USD32.00 billion (RM106.13 billion), an increase of USD9.03 billion (RM29.96 billion) from last year.
Al-Mukhaizeem stated that these results are as strong as in the previous years. The high returns for KFH is underpinned by its experience of the market and economic sectors in which it operates and its policy of investing in quality assets. KFH has also taken into consideration the potential risk exposures of the investment and has managed to minimise any such risks. The capable and professional management of the Bank and the teamwork shown by the employees are also commendable.
KFH has disbursed about USD10.90 billion (RM36.19 billion) to finance many corporate and institutions in Kuwait. This is part of its mission as a leading Islamic bank in the domestic market and to support the national economy as well as Kuwaiti companies. This has created great investment opportunities in Kuwait, which has reflected positively on the market and resulted in the recruitment of skilled Kuwaiti employees. In addition to that, it has pushed the national economy and allowed it to venture into other fields of business. These efforts have benefited corporate and institutional clients in the construction, gas, oil, real estate, investment, trading and services, benefited from the financing.
