KFH Q3 profit up 22.7pc

Kuwait Finance House (KFH) announced financial results for the third quarter of 2018 reporting a net profit to shareholders of KD169.10 million, compared to KD137.87m for the same period last year i.e. an increase of 22.7 per cent. Net Financing income was KD404.82m i.e. a growth of 25.4pc compared to the same quarter last year.

Total operating income increased to 12.3pc to KD589.61m, compared to the same period last year. Net operating income reached KD367.47m, i.e. a growth of 17.9pc compared to the same period last year. Earnings per share rose 22.6pc to 27.04 fils from 22.06 fils in the same period last year. After excluding the effect of decline in the Turkish currency rate against Kuwaiti Dinar, total assets of the group increased by 4.3pc.

The financing portfolio increased by 6.8pc, and depositors’ accounts increased by 4.4pc compared to year ended 31 December 2017. Chairman of Kuwait Finance House (KFH) Hamad Abdulmohsen Al-Marzouq explained that the realized profits are attributed to the efficient execution of the bank’s strategy approved by the board of directors and the long-term plans implemented by the executive management by focusing on diversifying sources of strength, mitigating risk, rationalizing cost, increasing operating income resulting from core banking business and achieving harmony among Group banks to ensure sustainable profitability.