KUALA LUMPUR, 28 March - Kuwait Finance House (Malaysia) Berhad (KFH Malaysia), the Country’s first foreign Islamic Bank, today reported a group’s profit before zakat and tax (PBT) of RM148.6 million for its Financial Year 2013 (FY 2013), representing an increase of 64.4% as compared with FY 2012.
KFH Malaysia’s balance sheet remained strong with group’s total assets at RM9.5 billion in FY 2013. This is an increase of 7.1% or RM0.6 billion as compared to the previous corresponding period.
The asset increase was mainly attributable to gross financing growth, which increased by 9.1% to RM6.5 billion from RM6.0 billion in FY 2012, primarily driven by corporate financing.
The Bank’s strong capital base continues to be strengthened, with its group’s Tier-1 (T1) Capital at RM1.3 billion and Capital Adequacy Ratio (CAR) stood at 21.8% as at 31 December 2013, being one of the highest in the Islamic Banking industry.
“The Bank continued to grow steadily and sustainably in 2013. With the transformation programme almost fully in place, we are looking into the strategic and operational aspects of the Bank to ensure growth is sustainable in 2014 and beyond”, said Dato’ Sri Abdul Hamidy Hafiz, Chief Executive Officer of KFH Malaysia.
The Bank’s focus for 2014 is on three strategic thrusts, namely for growth in quality and sustainable assets, cost optimisation and capacity as well as capability building, including IT enhancement and human capital development.
“We look forward to enhancing and expanding our product offerings and opening of new branches this year with the objective to reach out especially to the unserved and under-served market and segments. Notwithstanding, the Bank shall continue to stress upon stringent corporate governance, prudent lending and efficiency” said Dato’ Sri Hamidy.
“KFH Malaysia continues to be the Group’s regional hub for the Asia-Pacific region. With the current year’s focus on widening its product portfolio, the Bank is looking closely in accelerating its financing services through synergistic efforts both at the region and at the Group level for sustainable growth and profit” concluded Dato’ Sri Hamidy.