Government

KFH posts KD 169.10 min net profit in Q3 ’18

Kuwait, Kuwait Finance House (KFH) had achieved a KD 169.10 million net profit until end of Q3 2018, compared to KD 137.87 million for the same period last year with an increase of 22.7 percent.

Net Financing income until end of Q3 2018 reached KD 404.82 million with a growth of 25.4 percent compared to the same period last year. As the total operating income until the end of Q3 2018 reached KD 589.61 million, with a growth of 12.3 percent compared to the same period last year and net operating income reached KD 367.47 million, with a growth of 17.9 percent compared to the same period last year, KFH said in a statement.

Earnings per share reached 27.04 fils, compared to 22.06 fils for the same period last year increasing 22.6 percent, KFH Chairman Hamad Abdulmohsen Al-Marzouq said.

Al-Marzouq pointed out that KFH’s overseas operations are characterized by the geographical diversification that contributes to increasing liquidity, improving financing capability and asset quality, thus boosting profitability. KFH Group banks in Turkey, Malaysia, Bahrain and Germany have continued their successful performance in accordance with the set plans and strategies to benefit from the elements of strength in each market in which they operate.

KFH Group Banks achieve further coordination and collaboration in different joint ventures.

Al-Marzouq expressed confidence in the Bank’s strong financial hedge and the resilient mechanisms to deal with the economic conditions and the regional developments in their markets in an efficient manner. This reduces the effects of market fluctuations in the long and medium terms.

Al-Marzouq stressed KFH keenness on financing major and infrastructure projects in line with its strategy in supporting the national economy. This allows the banking sector to diversify its financing portfolio, indicating Kuwaiti banks enjoy a high degree of liquidity and high solvency ratios.

He mentioned that KFH achieved great success in the social sustainability strategy in different initiatives including education, health, youth, and people with special needs to confirm the leadership of the Bank in social responsibility.

Source: Kuwait News Agency

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