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Kuwait, 2 May 2010 - Kuwait Finance House K.S.C. (KFH) Chairman and Managing Director Mr. Bader Al-Mukhaizeem announced for the first quarter of 2010, KFH has achieved a total profit of KD 82.2 million, and earnings per share reached 12.6 fils. The net profit was KD 30.9 million for the first three months of the current year.
Total assets reached KD 11.652 billion with an increase of KD 1.1 billion or 11% compared to the same period last year. Deposits reached KD 7.195 billion, with an increase of KD 472 million, which is 7% over the same period last year. Shareholders equity was registered at KD 1.206 billion, with an increase of KD 29 million or 2% over the same period last year.
Al-Mukhaizeem stressed that earnings are mainly composed of operating income, which reflects the outstanding performance and strategic direction adopted by the Bank. He elaborated that KFH continued to follow a conservative policy that aims to cement its financial status and sustain sufficient provisions, to face any consequences of the crisis, as well as maintaining the stable growth rate and balanced performance in all businesses. He stated that KFH is keen on making sufficient provisions to diminish any risks curently and in future.
Additionally, Al-Mukhaizeem stated that KFH’s asset valuation policy is based on book value, which is much less than the market value, and guarantees that the value of assets will be determined without any exaggerations or uncalculated fluctuations.
Al-Mukhaizeem highlighted the importance of the Gulf Cooperation Council (GCC) markets. KFH-Saudi commenced operations as an investment bank with a capital of SR 500 million. It is expected to achieve positive growth and success, since Saudi Arabia is a promising market with a high demand for Islamic financial products and services.
Total assets reached KD 11.652 billion with an increase of KD 1.1 billion or 11% compared to the same period last year. Deposits reached KD 7.195 billion, with an increase of KD 472 million, which is 7% over the same period last year. Shareholders equity was registered at KD 1.206 billion, with an increase of KD 29 million or 2% over the same period last year.
Al-Mukhaizeem stressed that earnings are mainly composed of operating income, which reflects the outstanding performance and strategic direction adopted by the Bank. He elaborated that KFH continued to follow a conservative policy that aims to cement its financial status and sustain sufficient provisions, to face any consequences of the crisis, as well as maintaining the stable growth rate and balanced performance in all businesses. He stated that KFH is keen on making sufficient provisions to diminish any risks curently and in future.
Additionally, Al-Mukhaizeem stated that KFH’s asset valuation policy is based on book value, which is much less than the market value, and guarantees that the value of assets will be determined without any exaggerations or uncalculated fluctuations.
Al-Mukhaizeem highlighted the importance of the Gulf Cooperation Council (GCC) markets. KFH-Saudi commenced operations as an investment bank with a capital of SR 500 million. It is expected to achieve positive growth and success, since Saudi Arabia is a promising market with a high demand for Islamic financial products and services.
