KFH Q1 profit rises 17.4pc

Kuwait Finance House (KFH) reported a 17.4 percent increase in its first quarter 2019 net profit thanks to enhanced performance, high operating returns and low expenses First-quarter net profit was KD51.6 Million applicable to KFH shareholders compared to KD44m for the same period last year.

Earnings per share were 7.50 fils, compared to 6.39 fils for the same period last year i.e. an increase of 17.4pc. Total finance income grew 9.5pc to KD228.4m, total operating income rose 4.1pc to KD196.8m while Net operating income increased 7.1pc to KD118.1m from the same quarter last year.

Depositors accounts reached KD 12.299 Billion i.e. an increase of KD 518.6m or 4.4pc compared to the same period last year. Chairman of Kuwait Finance House (KFH) Hamad Abdulmohsen Al-Marzouq said the Q1 positive results show another year of stable growth based on firm fundamentals capable of achieving KFH’s goals and good profitability for its shareholders and customers, reflecting its enhanced performance, high operating returns, and low expenses. This comes as part of spending rationalization policy and prioritization.