Kuwait Finance House Group (KFH-Group) has announced total revenues of KD736.2 million for 2010 with total profit for the same year reached KD 273.4 million.
This was announced by the Chairman and Managing Director of KFHG Bader Al-Mukhaizeem who said that the success was a result of operational optimization strategy.
The profit includes KD 162.8 million as profits for depositors to be distributed 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, while profit per share reaches 43.1 fils.
The board recommended a cash dividend of 20%, and bonus shares of eight per cent subject to the approval of the regulatory authorities and the general assembly. The total assets reached KD12.5 billion with total increase of KD 1.3 billion or an 11% increase over the last year. Total deposits reached KD 7.6 billion with KD 387 million and five per cent increase over last year, while total shareholders’ equity reached KD 1.290 billion, with KD 48 million increase or four per cent more than last year.
Al-Mukhaizeem added that the bank would continue 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 Group’s ability to select strategic assets with a growing value, in order to achieve safe and stable investments with the least risks possible.
Al-Mukhaizeem pointed out that the major international rating agencies have affirmed KFH Group’s positive ratings, and asserted that it’s strong financial coverage and its ability to overcome challenges. These ratings were based on good operational performance and an increasing market share as well as taking full advantage of the profit flow of multiple businesses that the bank takes part in. He also noted that KFH-Group received more than 20 awards in 2010 from leading global authorities in the fields of banking, investments, finance, real estate, IT, and researches.
“KFH-Group’s global expansion policy will continue, where overseas bank’s represent a large portion of KFH-Group’s revenues that reached 46% as overseas revenues. KFH-Group succeeded through working in the GCC, Turkey, Malaysia, the United States, and Europe to reinforce trust in KFH-Group’s brand franchise, since clients deserve to receive quality services that are up to par with global institutions.”
“KFH-Kuwait continues to focus on the Kuwaiti market and is keen to develop its market share in all segments and businesses, and is also eager to offer new services and products that allow it to expand its client base and expand its social responsibility. He explained that increasing the number of branches in Kuwait to 56 in addition to showroom facilities participate in extending its reach to existing client segments. He also said that KFH-Kuwait focuses on advanced technology, such as using mobile phones and KFH-Kuwait’s site that offers around 150 free services online.”