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Kuwait, 14 February 2011 - Kuwait Finance House K. S. C. (KFH) Chairman and Managing Director, Bader Al-Mukhaizeem, announced that KFH has achieved a total revenue of KD 736.2 million (MYR 8,037.68 million) for 2010, total profit for the same year reached KD 273.4 million (MYR 2,984.93 million), including KD 162.8 million (MYR 1,777.42 million) as profits for depositors to be distributed as follows: 2.378% for continuous investment deposits, 1.850% for Al-Sudra deposit, and 1.585% for saving investment accounts. Net profit for shareholders reached KD 105.9 million (MYR 1,156.20 million), while profit per share reached 43.1fils (MYR 0.47).
The board recommended granting shareholders cash dividends of 20%, and bonus shares of 8% subject to the approval of the regulatory authorities and the general assembly. The volume of assets increased to reach KD12.5 billion (MYR 136.47 billion) with KD 1.3 billion (MYR 14.19 billion) increase and an 11% increase over last year. Deposits increased to reach KD 7.6 billion (MYR 82.98) with KD 387 million (MYR 4,225.19 million) and 5% increase over last year, while total shareholders’ equity reached KD 1.290 billion (MYR 14.08 billion), with KD 48 million (MYR 524.05 million) increase or 4% more than last year.
Al-Mukhaizeem mentioned that this success is a result of operational optimisation strategy, he added the bank also focused on deploying the latest technology in the banking field. He also highlighted that the profits achieved reveal its strong financial coverage, especially during the current local and global market circumstances. The profits also showcase KFH’s ability to select strategic assets with a growing value, in order to achieve safe and stable investments with the least risks possible.
Moreover, Mr. Al-Mukhaizeem pointed out that the major international rating agencies have affirmed KFH’s positive ratings, and asserted that its strong financial coverage and its ability to overcome challenges is based on good operational performance that is based on an increasing market share and on continuous efforts in facing challenges, in addition to taking full advantage of the profit flow of multiple businesses that the bank takes part in. He also noted that KFH received more than 20 awards in 2010 from leading global authorities in the fields of banking, investments, finance, real estate, IT, and research. He reinforced KFH’s keenness to finance Kuwaiti companies according to professional and credit criteria, and asserted that KFH has always been financing Kuwaiti companies that take part in real economic development.
Furthermore, he stated that KFH Group is in an expansion mode, where its global branches reached 220 branches playing a prominent role in cementing economic and trade relationships between the countries that they operate in, and Kuwait and the GCC. He went on to say that KFH’s global expansion policy will continue, where overseas bank’s represent a large portion of KFH’s revenues that reached 46% as overseas revenues. KFH succeeded through working in the GCC, Turkey, Malaysia, the United States, and Europe to reinforce trust in KFH’s brand franchise, since clients deserve to receive quality services that are up to par with global institutions.
The board recommended granting shareholders cash dividends of 20%, and bonus shares of 8% subject to the approval of the regulatory authorities and the general assembly. The volume of assets increased to reach KD12.5 billion (MYR 136.47 billion) with KD 1.3 billion (MYR 14.19 billion) increase and an 11% increase over last year. Deposits increased to reach KD 7.6 billion (MYR 82.98) with KD 387 million (MYR 4,225.19 million) and 5% increase over last year, while total shareholders’ equity reached KD 1.290 billion (MYR 14.08 billion), with KD 48 million (MYR 524.05 million) increase or 4% more than last year.
Al-Mukhaizeem mentioned that this success is a result of operational optimisation strategy, he added the bank also focused on deploying the latest technology in the banking field. He also highlighted that the profits achieved reveal its strong financial coverage, especially during the current local and global market circumstances. The profits also showcase KFH’s ability to select strategic assets with a growing value, in order to achieve safe and stable investments with the least risks possible.
Moreover, Mr. Al-Mukhaizeem pointed out that the major international rating agencies have affirmed KFH’s positive ratings, and asserted that its strong financial coverage and its ability to overcome challenges is based on good operational performance that is based on an increasing market share and on continuous efforts in facing challenges, in addition to taking full advantage of the profit flow of multiple businesses that the bank takes part in. He also noted that KFH received more than 20 awards in 2010 from leading global authorities in the fields of banking, investments, finance, real estate, IT, and research. He reinforced KFH’s keenness to finance Kuwaiti companies according to professional and credit criteria, and asserted that KFH has always been financing Kuwaiti companies that take part in real economic development.
Furthermore, he stated that KFH Group is in an expansion mode, where its global branches reached 220 branches playing a prominent role in cementing economic and trade relationships between the countries that they operate in, and Kuwait and the GCC. He went on to say that KFH’s global expansion policy will continue, where overseas bank’s represent a large portion of KFH’s revenues that reached 46% as overseas revenues. KFH succeeded through working in the GCC, Turkey, Malaysia, the United States, and Europe to reinforce trust in KFH’s brand franchise, since clients deserve to receive quality services that are up to par with global institutions.
