KFH net profit surges 31.4pc in Q3

October 28, 2018

Kuwait Finance House (KFH), the country's biggest Islamic banker, has registered a 31.4 per cent growth in its net profit compared to the same period last year.

Announcing the results for the three months to September 30, the Kuwaiti lender said its net profit rose to KD73.9 million ($243.4 million) from KD56.2 million in the same period a year ago.

During the first nine months of 2018, KFH recorded a growth of 22.7 per cent in profits to KD169.1 million, compared to KD137.9 million from January to September 2017.

KFH said the surge in profits was mainly due to a growth of 17.9 per cent in operating revenues triggered by a 25.4 per cent jump in finance revenues.

Total operating revenues of the bank stood at KD589.6 million, registering an increase of 12.3 per cent.

At the stock level, KFH closed Wednesday’s session 0.86 per cent higher at 584 fils after 2.3 million shares were traded at a value of KD1.3 million, it stated.

KFH said the earnings per share rose to 27.04 fils, compared to 22.06 fils for the same period last year thus registering an increase of 22.6 per cent. Despite a real growth in the business, the decline in the Turkish currency rate against Kuwaiti Dinar during the third quarter of the current year has a negative impact on the consolidated balances as at the date of the interim condensed consolidated financial information.

After excluding this effect, the total assets of the group increased by 4.3 per cent. The financing portfolio increased by 6.8 per cent, and depositors’ accounts increased by 4.4 per cent compared to year ended December 31, 2017, it added.