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Kuala Lumpur, 3 August 2010 - Malaysian Rating Corporation Berhad (MARC) has affirmed and maintained Kuwait Finance House (Malaysia) Berhad’s (KFHMB) long- and short-term financial ratings at AA+/MARC-1.KFHMB has consistently maintained a strong capital structure and its total capital adequacy ratio stands at 21.8% as at end-March 2010 which is well above the Malaysian Islamic banking sector average of 15.0%. The Bank is well-capitalised with a Tier 1 capital of RM1.96 billion and Tier 2 capital of RM450.1 million making a total capital of RM2.41 billion as at 31 March 2010.
As pioneers amongst foreign Islamic banks in Malaysia, KFHMB is leveraging on its first-mover advantage and solid brand name to build a strong franchise amongst the masses, as is evident in its focus now to diversify the bank’s income base by seeking to grow its retail business. The expansion in branch network is instrumental in facilitating business growth.
With new Chief Executive Officer, Puan Jamelah Jamaluddin and a revamped management team, KFHMB will focus on key elements of risk and three major operational areas of business growth, credit and asset quality enhancement and cost optimisation. In line with the Bank’s 2010 business plan, the focus is to take a prudent approach on assessment and provisioning. The Bank will ensure that it has a clean balance sheet to start moving ahead with its new business proposition, as the credit control recovery strategy and plans are implemented.
Kuwait Finance House K.S.C. (KFH) remains resilient and robust, as revealed in its latest financial results released for the first half of 2010. Gross total profit reached KD172.80 million (RM1.926 billion) with shareholders’ net profit at KD70.80 million (RM789.31 million.) Total assets as at 30 June 2010 were recorded at KD12.00 billion (RM133.78 billion). The latest rating report from Standard & Poor’s has also re-affirmed the rating for KFH at A-/A-2.
“With the unwavering shareholder backing of KFH Group, we see Malaysia as an important platform for long-term expansion in the Asia-Pacific region. The high level of liquidity has enabled KFH to support the financing needs of individuals and institutions, and the Bank will continue the mandate of providing innovative Shariah-based financial solutions to its depositors and customers. Drawing on our experience, we expect to achieve growth in line with our projected targets,” said Puan Jamelah Jamaluddin.
As pioneers amongst foreign Islamic banks in Malaysia, KFHMB is leveraging on its first-mover advantage and solid brand name to build a strong franchise amongst the masses, as is evident in its focus now to diversify the bank’s income base by seeking to grow its retail business. The expansion in branch network is instrumental in facilitating business growth.
With new Chief Executive Officer, Puan Jamelah Jamaluddin and a revamped management team, KFHMB will focus on key elements of risk and three major operational areas of business growth, credit and asset quality enhancement and cost optimisation. In line with the Bank’s 2010 business plan, the focus is to take a prudent approach on assessment and provisioning. The Bank will ensure that it has a clean balance sheet to start moving ahead with its new business proposition, as the credit control recovery strategy and plans are implemented.
Kuwait Finance House K.S.C. (KFH) remains resilient and robust, as revealed in its latest financial results released for the first half of 2010. Gross total profit reached KD172.80 million (RM1.926 billion) with shareholders’ net profit at KD70.80 million (RM789.31 million.) Total assets as at 30 June 2010 were recorded at KD12.00 billion (RM133.78 billion). The latest rating report from Standard & Poor’s has also re-affirmed the rating for KFH at A-/A-2.
“With the unwavering shareholder backing of KFH Group, we see Malaysia as an important platform for long-term expansion in the Asia-Pacific region. The high level of liquidity has enabled KFH to support the financing needs of individuals and institutions, and the Bank will continue the mandate of providing innovative Shariah-based financial solutions to its depositors and customers. Drawing on our experience, we expect to achieve growth in line with our projected targets,” said Puan Jamelah Jamaluddin.
