Kuwait Finance House (Bahrain) today announced its half- year results for the period ending 30 June 2005, during which the Bank has achieved dramatic growth and reported significantly enhanced financial performance.
Net Profits for this period rose to BD10 million compared to BD2 million for the same period last year. Further, the Bank witnessed a 65% increase in Total Assets, which grew to BD290 million from BD175 million since December 2004. Total Operating Income for the period also grew substantially rising by 165% to BD16.3million versus BD6.2 million for the same period in 2004.
Total equity reached BD 59.4 million from BD49.6 in December, 2004. Whilst Return on Average Equity (ROE) for the six month period is 18.2%.
Commenting on the results, Abdulhakeem Alkhayyat, General Manager of KFH-Bahrain said, “We are delighted with the Bank’s results for the first half of 2005. This strong performance and enhanced profits continue to reflect our focus and success in making significant advancements across our Investment Banking, Corporate Finance and Consumer Banking and Finance divisions as well as our ability to meet the needs of a diverse and fast evolving market through the introduction of dynamic new products, services and investment opportunities. Specifically, we have made important strides in the expansion of our portfolio of financing, experienced further growth in our retail and corporate banking divisions, and increased our direct investment activities.”
Mr. Alkhayyat added, “ We see great opportunities to build on this growth and the strong performance that has been realized in the first half of the year. Namely, we remain focused on making even greater efforts to bolster the development of Bahrain’s economy through our ongoing support for projects such as KFH’s Durrat Al Bahrain, which is progressing at good speed and making significant contributions to the local economy. In addition, we are also committed to enhancing our support for the Islamic Banking industry by contributing to the industry’s infrastructure requirements, and through the offering of dynamic investment opportunities such as our Restricted Mudharaba Investment Account (Landmark1), offering attractive returns on local GCC projects.”
Mr. Alkhayyat concluded, “These efforts to support our economy and our industry are at the foundation of our success and we will continue to work diligently in order to ensure that we are effectively implementing our strategies, excelling in each of our business lines and, ultimately, delivering value for the benefit of all of our stakeholders, customers and partners.”
About Kuwait Finance House, Bahrain
Kuwait Finance House, Bahrain (“KFH-Bahrain”) is a leading provider of Islamic commercial and investment banking services. Established in January 2002 as a wholly owned subsidiary of Kuwait Finance House (Kuwait) -- an industry leader for more than 28 years -- KFH-Bahrain specialises in developing and bringing to market the highest quality Shari’a compliant banking and investment products all of which are delivered by a staff of experienced and dedicated professionals with a deep understanding of the market and the customers we serve.
