Mr. Bader Abdul-Muhsen Al-Mukhaizeem – Chairman & Managing Director – Kuwait Finance House said that KFH total profit for the first three quarters of the current year approximated KD 281.4 million while net profit to shareholders reached KD 106.4 million and the earnings per share for this period amounted to 46.6 Fils.
Total assets for the period reached KD 11.091 Billion thus representing an increase by KD 548 million i.e. 5% increase compared to the same period last year. Total deposits volume as of the end of the third quarter amounted to KD 7.015 Billion, thus representing an increase by KD 682 million i.e. 11% over the same period last year.
Net profit for the three months ended September 30 2009 reached KD 34.3 Million with an increase of KD 1.5 Million over the second quarter with an increase of 5%. Earnings per share reached 15.1 fils for the third quarter of 2009 compared to 14.4 fils for the second quarter of 2009 with an increase of 5%.
Mr. Al-Mukhaizeem added in a press release that these results were achieved despite the difficult conditions which the area markets are experiencing due to the continuation of the impacts of the financial crises on global markets. Accordingly KFH has adopted a policy that aims to reinforce KFH financial position enabling KFH to withstand these impacts. We hope that the worst part of the crisis has passed whether locally or globally.
Mr. Al-Mukhaizeem reiterated the significance of the efforts undertaken by the Central Bank of Kuwait in light of the regulations it has initiated with the aim of protecting the Kuwaiti banking sector, and the continuous monitoring and follow up with regards to the entities which it oversees. He also added that it is important for government authorities to launch growth incentives by setting growth factors in the local economy, increase spending, facilitation of procedures and elimination of obstacles and legislations that obstruct the private sector's role. He indicated that KFH has continued its efforts to provide the necessary financing services to Kuwaiti companies according to the applied professional rules and regulations on the basis that KFH is fully aware of the size of the financial crises and aims to mitigate the impact thereof on the national economy. KFH believes that all efforts must be combined to preserve the national economy and overcome the impacts thereof.
With regards to the international expansion policy, success achieved and additions made Mr. Al-Mukhaizeem emphasized that KFH is executing its plans to enter several GCC, regional and global markets based on well planned steps, taking into consideration the current circumstances and the current and future market developments. KFH has succeeded recently in obtaining a business license in Germany and intends to open its first branch shortly. KFH has increased its branches in view of the significant demand in the Malaysian market for Islamic finance services. KFH has participated in several major real-estate and industrial projects in both Malaysia and China and succeeded to expand to the nearby markets such as Singapore and Australia.
As for the Gulf region, Mr. Al-Mukhaizeem considered that KFH obtaining the license to operate Saudi Arabia through the incorporation of an investment bank with a capital RS 500 Million is considered as the most significant event on the regional level this year as it is considered as a qualitative addition to the activities of KFH in Saudi Arabia following the incorporation of "Baitak" Real Estate company with a capital of RS 2.5 Billion. Several major real estate development projects are being executed in the eastern region and other major cities in the kingdom. He indicated that KFH – Bahrain is continuing to execute its major projects i.e. Durrat Al-Bahrain which is considered as one of the major real estate development projects in the region with investments approximating US$ 4 Billion in addition to the commercial and residential project "Diyar Al-Muharraq"
Mr. Al-Mukhaizeem reaffirmed the strategic value of the local market and KFH's commitment to raise its market share in all fields and activities, achieve distinction in providing competitive products and services, expand its customer base and continue its leading social role. He also pointed out that the prizes awarded to KFH reflect its leading position and success in numerous markets and disciplines namely noted is the Best Bank Award in Kuwait and GCC region, Most Valuable Banking Brand in the Middle East and topped by the "World's Most Trusted Islamic Bank". Mr. Al-Mukhaizeem conveyed his sincere thanks and appreciation - after God Almighty - to all customers, employees and shareholders for their valuable contribution to KFH's success.
Mr. Al-Mukhaizeem emphasized KFH continuous investment in the training and development of its human capital based on the most modern systems and programs as KFH regards its employees to be its most important asset. KFH continues to foster the employment of Kuwaiti nationals as Kuwaiti employees' percentage has exceeded 63% of KFH total headcount.
