Mubasher: Total assets of Kuwait Finance House (KFH) registered a growth of 2.4% or KWD 412.3 million to KWD 17.770 billion during fiscal year 2018 compared to 2017, according to a recent statement.
"In line with the set plans and the overall performance of the group, growth in 2018 profits have been achieved despite the challenges posed by the markets and economic developments locally and internationally,” chairman of KFH Hamad Abdulmohsen Al Marzouq said, according to the statement.
In FY18, KFH achieved a growth of 23.5% in profits to KWD 227.41 million ($751.1 million) from KWD 184.16 million ($608.2 million) in FY17, a bourse disclosure on Wednesday said.
The chairman added, “Last year, we achieved great success on all levels, demonstrated by our financial indicators and qualitative achievements, not to mention the professional performance adhering to the banking system regulations and Sharia principles, in accordance with the strategies and plans of KFH.”
KFH’ financing portfolio enlarged to KWD 9.385 billion, registering an increase of KWD 169 million or 1.8% when compared to 2017.
Depositors’ accounts increased by 1.6% year-on-year or KWD 183.6 million to reach KWD 11.780 billion in FY18.
“Shareholders’ equity increased to reach KWD 1.894 billion i.e. an increase of KWD 21.7 million or 1.2% compared to 2017. KFH’s capital adequacy ratio (CAR) reached 17.47%, (after the proposed dividends) i.e. higher than the required limit of 15%, thus reiterating the strength of KFH financial position,” the statement added.
