Kuwait – Mubasher: Chairman of the Board of Directors of Kuwait Finance House “KFH” Hamad Al-Marzouq said that the bank topped the list of the largest companies in terms of market capitalization on the Kuwait Stock Exchange, with a value of more than 11 billion Kuwaiti dinars, stressing commitment to the interests of shareholders, according to a statement today, Thursday.
Hamad Al-Marzouq praised the success of the listing and trading of KFH’s shares on the Bahrain Stock Exchange, along with the Kuwait inch, within the framework of the successful completion of the acquisition of Ahli United Bank of Bahrain, which constitutes a historic stage and the beginning of KFH’s journey as the largest bank in Kuwait and the second largest Islamic bank In the world by volume of assets.
Al-Marzouq clarified that KFH’s financial results confirm the success of its strategy and the strength of its financial and operational performance, noting the growth in all basic indicators, maintaining distinct rates in terms of capitalization, maximizing profitability, return on assets and return on shareholders’ equity, rationalizing expenses, and improving asset quality indicators. and bad debt coverage rates of provisions.
Earlier today, KFH announced that it recorded profits in the first nine months of this year, amounting to 205.77 million dinars, an increase of 22.4% over its level in the corresponding period of the previous year, which amounted to 168.09 million dinars..
The Chairman of the Board of Directors stated that the net financing income increased until the end of the third quarter of 2022 to reach 508.5 million Kuwaiti dinars, with a growth rate of 14.8% compared to the same period of the previous year, and net operating income until the end of the third quarter of 2022 increased by 27.2% to reach 463.4 million Kuwaiti dinars.
He revealed that the cost-to-income ratio improved to 33.6%, compared to 38.3% for the same period of the previous year, supported by an increase in total operating income during the period, with the balance of financing receivables at the end of the third quarter of 2022 rising by 1.1 billion dinars, or 9.8% to 12.47 billion Kuwaiti dinars.
Al-Marzouq stated that the balance of investment in sukuk at the end of the third quarter of 2022 amounted to about 3.1 billion dinars, an increase of 348 million Kuwaiti dinars, or 12.7% over the end of the previous year, and the balance of total assets amounted to 22.67 billion Kuwaiti dinars at the end of the third quarter of In 2022, an increase of 880 million Kuwaiti dinars, an increase of 4% over the end of the previous year.
The balance of depositors’ accounts at the end of the third quarter of 2022 amounted to 15.86 billion Kuwaiti dinars.. In addition, the capital adequacy ratio reached 17.68 % exceeding the minimum required by regulatory authorities.
In turn, the commissioned CEO of Kuwait Finance House (KFH), Abdulwahab Al-Rashoud, said that the sustainability strategy in profits is bearing fruit through achieving strong, sustainable and balanced growth, according to a statement today, Thursday.
He stressed that there are various factors that will contribute to supporting this growth, such as the success of the acquisition deal with Ahli United Bank of Bahrain and the creation of a giant banking entity, and the multiple listing of “KFH” shares on the Bahrain Bourse alongside the Kuwait Bourse, which would improve opportunities for capital resources and enhance liquidity in financial markets, while enhancing the institution’s reputation and standing.
Abdulwahab Al-Rashoud pointed out that KFH is moving forward in implementing the strategy of focusing on the basic banking work, in parallel with enhancing digital transformation efforts in all banking and financing services, with a focus on accelerating the pace of innovation of digital banking solutions.
He continued: “The automation of robotic processes and artificial intelligence has become an important component in banking operational activities and improving the efficiency of operations at KFH, which is constantly increasing, which resulted in the introduction of a wide range of innovative digital services, and the conclusion of strategic partnership agreements and cooperation with entities and providers of financial services technology.”
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