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Kuwait, 29 October 2009 - Kuwait Finance House K. S. C. (KFH) has made great strides in its expansion strategy by penetrating the German market through its associate company, Kuveyt Turk Participation Bank Inc. The first branch will open in Mannheim during the first quarter of 2010. Serving as the gateway to Europe, KFH Islamic banking operations in Germany will form a significant milestone in the European banking scene in line with the rising demand for alternative banking services. KFH also proved its leadership role by the issuance of Sukuk worth EU 100 million in the first non-Islamic government of Saxony Province.
On overseas ventures, Mr Mohammed Al-Omar, the Chief Executive Officer of KFH, said that KFH-Saudi Arabia which first began as a real estate company with SR 2.5 billion is now finally concluding the process to become a fully licensed investment bank. KFH has also cemented its business in the markets of South East Asia, China, and India through its regional office KFH-Malaysia and striking deals in Indonesia, India, and Hong Kong as well as participating in major multi billion dollars projects, such as the Medini in Malaysia and the Peninsula in China.
In its latest financial results recently released for the third quarter of this year, KFH has achieved a total profit of KD281.40 million (MYR3,328.96 million) with shareholders’ net profit at KD106.40 million (MYR1,258.71 million). Earnings per share amounted to 46.6 fils (MYR0.55). Total assets for the period was recorded at KD11.091 billion (MYR131.21 billion) representing an increase by KD548.00 million (MYR6,482.84 million) or five percent as compared to the same period last year. Total deposits volume amounted to KD7.015 billion (MYR82.99 billion), representing an increase by KD682.00 million (MYR8,068.06 million) or 11 percent over the same period last year.
In addition, net profit for the three months ended 30 September 2009 was stated at KD34.30 million (MYR405.77 million) with an increase of KD1.50 million (MYR17.75 million) or five percent over the second quarter. Earnings per share increased by five percent to 15.1 fils (MYR0.1786) for the third quarter of 2009 as compared to 14.4 fils (MYR0.1704) for the second quarter of 2009.
KFH has allocated sufficient provisions and its current capital adequacy levels, based on Basel 1 and Basel 2 standards, ranging between 15 to 18 percent which exceeds the minimum requirements set by the Central Bank of Kuwait.
During the past nine months, KFH has won 15 awards from prestigious international rating agencies.
On overseas ventures, Mr Mohammed Al-Omar, the Chief Executive Officer of KFH, said that KFH-Saudi Arabia which first began as a real estate company with SR 2.5 billion is now finally concluding the process to become a fully licensed investment bank. KFH has also cemented its business in the markets of South East Asia, China, and India through its regional office KFH-Malaysia and striking deals in Indonesia, India, and Hong Kong as well as participating in major multi billion dollars projects, such as the Medini in Malaysia and the Peninsula in China.
In its latest financial results recently released for the third quarter of this year, KFH has achieved a total profit of KD281.40 million (MYR3,328.96 million) with shareholders’ net profit at KD106.40 million (MYR1,258.71 million). Earnings per share amounted to 46.6 fils (MYR0.55). Total assets for the period was recorded at KD11.091 billion (MYR131.21 billion) representing an increase by KD548.00 million (MYR6,482.84 million) or five percent as compared to the same period last year. Total deposits volume amounted to KD7.015 billion (MYR82.99 billion), representing an increase by KD682.00 million (MYR8,068.06 million) or 11 percent over the same period last year.
In addition, net profit for the three months ended 30 September 2009 was stated at KD34.30 million (MYR405.77 million) with an increase of KD1.50 million (MYR17.75 million) or five percent over the second quarter. Earnings per share increased by five percent to 15.1 fils (MYR0.1786) for the third quarter of 2009 as compared to 14.4 fils (MYR0.1704) for the second quarter of 2009.
KFH has allocated sufficient provisions and its current capital adequacy levels, based on Basel 1 and Basel 2 standards, ranging between 15 to 18 percent which exceeds the minimum requirements set by the Central Bank of Kuwait.
During the past nine months, KFH has won 15 awards from prestigious international rating agencies.
