Kuwait Finance House (Bahrain) reports strong financial performance
Kuwait Finance House (Bahrain) on Monday announced its financial results for the year ended 31 December 2004, during which the Bank achieved record financial performance and reported significant growth and progress across each of its operating lines including its Investment Banking, Corporate Finance and Consumer Banking and Finance divisions.
For 2004, Net Profits of the Bank rose significantly by 250% to US$30 million compared to US$8.6 million in 2003, representing a 25% Return on Average Equity for 2004. Further, the Bank witnessed a 75% increase in Total Assets, which grew to US$465 million in 2004 from US$267.8 million at the year-end 2003. Total Operating Income for the year also grew substantially rising by 160% to US$52 million versus US$20 million in 2003.
Commenting on the year’s strong financial results, Mr. Bader Abdul Muhsen Al-Mukhaizeem, Chairman of KFH, Bahrain, said, “We continue to be extremely pleased with the financial and operating performance of the Bank as reflected by our record results and the strong growth in profitability and assets recorded for the year. These results both underscore the strength of our strategy and the investment opportunities we have developed on behalf of our shareholders and investors as well as the strong fundamentals and prospects that characterize the Bahrain market and that of our region. Having advanced our position significantly in 2004, we are confident that we stand poised to make even greater strides in 2005 as our investments in a number of key projects progress and we continue to identify, develop and participate in compelling new opportunities both regionally and internationally.”
Abdulhakeem Alkhayyat, General Manager of KFH, Bahrain said, “2004 was a year of great progress at KFH, Bahrain, one in which we made significant gains in both our financial performance as well as the further development of our business lines as evidenced by our ability to provide our investors and corporate and retail clients with greater value and opportunity combined with the highest levels and standards of service. “
Mr. Alkhayyat added, “In 2004, we maintained a sharp focus on further developing our role as a pioneer in the introduction of new and innovative products and financing instruments as well as the creation of compelling investment opportunities both on a local level as well as internationally. The past year witnessed the successful start of Durrat Al Bahrain project and the additional investment activities continued to take the Bank into exciting new directions and industry sectors. We concluded three transactions through our US$100 million New Zealand and Australia Private Investment Fund, launched in 2004, in strong companies with compelling growth prospects in the fields of technology and healthcare in addition to a further investment in the US aviation market through the acquisition of a majority stake in Liberty Aerospace Inc, a leading designer and manufacturer of single-engine piston-powered aircraft.”
Mr. Alkhayyat concluded, “We enter 2005 with great confidence and strong prospects. We will continue to focus on leveraging our assets including our strengthened financial position, strong investment pipeline and growing recognition as an industry leader to develop even greater opportunities for our investors, customers and stakeholders.”