Latest news with #HamadAbdulmohsenAlMarzouq
Arab Times
22-04-2025
- Business
- Arab Times
KFH Reports Net Profit Attributable to the Shareholders of KD 168.1 million for Q1 2025, Highest net profit in the Kuwaiti banking sector
KUWAIT CITY, Apr 22: Chairman of Kuwait Finance House (KFH) Hamad Abdulmohsen Al Marzouq announced that KFH achieved a net profit of KD 168.1 million for the first quarter of 2025 for shareholders, representing an increase of 3.2% compared to the same period last year, and an increase of 41.4% compared to the fourth quarter of last year. Earnings per share for the first quarter of 2025 reached 9.77 fils; an increase of 3.1% compared to the same period last year. Net financing income for the first quarter of the year reached KD 318.9 million; an increase of 21.1% compared to the same period last year. Total operating income for the first quarter of the year increased, supported by an increase in all core activities to reach KD 454.9 million; an increase of 15.9% compared to the same period last year. Net operating income for the first quarter of the year reached KD 295.7 million; an increase of 19.4% compared to the same period last year. Financing receivables increased as of the end of the first quarter of 2025 to reach KD 19.3 billion; an increase of 1.1% compared to the end of last year. Total assets increased as of the end of the first quarter of 2025 to reach KD 36.9 billion; an increase of 0.4% compared to the end of last year. Shareholders' equity amounted to KD 5.5 billion at the end of the first quarter of 2025. Depositors' accounts increased as of the end of the first quarter of 2025 to reach KD 19.5 billion; an increase of 1.3% compared to the end of last year. In addition, the capital adequacy ratio reached 19.38% which is above the limit required by regulators. This ratio confirms the solid capital base of KFH. Sustainable profits In a press release, Al Marzouq stated that KFH`s Q1 2025 growth in key financial indicators demonstrates the successful execution of the strategy approved by the bank`s Board of Directors. He further noted that this performance, achieved despite a complex operating environment and market shifts driven by regional and global economic developments, underscores the strength of KFH`s comprehensive and integrated business model. Al Marzouq added that the growth in all key financial indicators and balance sheet items confirms KFH`s progress in generating higher-quality and sustainable profits. Al Marzouq highlighted that KFH`s financial performance demonstrates its consistent ability to grow profits sustainably. This success validates the effectiveness of KFH`s efforts at every level in attaining its objectives. These objectives include boosting profitability, sustaining high growth, rationalizing expenses, elevating service quality, embracing technology and digitization, and enriching customer interactions through well-defined and carefully managed approaches, rigorous and measurable professional standards, and the capacity for prompt and effective responses to market changes. Furthermore, these efforts take into account increasing competition and evolving customer expectations. He also commended the experienced management for their skill in navigating the business environment and boosting confidence in the bank. Giant banking entity Al Marzouq explained that the expansion abroad had gained significant momentum and brought about a qualitative transformation in KFH`s growth strategy, turning it into a substantial banking entity with a presence in eight countries worldwide. These notably include Kuwait, Bahrain, Egypt, Turkey, the UK, and Germany, supported by an extensive network of over 600 branches. He also noted that KFH continues to lead all banks and companies listed on Boursa Kuwait, with a current market capitalization near to KD 13 billion. "KFH`s recently launched "Beyond Horizons" visual identity reflects the bank`s substantial growth, achievements, global reach, and future ambitions. This new identity also underscores KFH`s ongoing commitment to technological advancement, digital innovation, and its leading position in Islamic finance," he added. Supporting the national economy Underscoring KFH`s pioneering position, Al Marzouq stated that the bank will maintain its support for the Kuwaiti market and national economy. This includes providing financing to corporates within established credit guidelines, as well as its continued focus on corporate banking, corporate and retail financing. KFH actively collaborates with relevant authorities to support and finance small and medium-sized enterprises (SMEs). Recognizing the vital role of these businesses in Kuwait`s economy, job creation, and youth employment, KFH holds the largest SME financing portfolio in the market by the number of beneficiaries. Green Sukuk Al Marzouq highlighted KFH`s ongoing commitment, via its investment arm KFH Capital, to issue more Sukuk for both governments and companies globally. He also stressed a particular focus on green Sukuk, aligning with KFH`s broader strategy for sustainability and the adoption of ESG standards. Social leadership Highlighting KFH`s significant societal impact, Al Marzouq noted the progress achieved through numerous strategic social contributions recently. Key initiatives include a KD 15 million pledge to establish a cardiac center at Mubarak Al-Kabeer Hospital in partnership with the Ministry of Health, and a KD 2 million donation to the Ministry of Social Affairs` debt relief campaign. Previously, KFH also contributed over KD 20 million to settle insolvent individuals` debts in collaboration with the Ministry of Justice. KFH Group Chief Executive Officer, Khaled Yousef AlShamlan Solid financial position KFH Group Chief Executive Officer, Khaled Yousef AlShamlan stated that the Q1 2025 financial indicators demonstrated balanced performance and significant financial strength, showing notable improvements in solvency and growth compared to the same period last year. He added that increased and diversified operating income, along with solid performance across most balance sheet items, highlight the Group`s creditworthiness, reliability, and diverse avenues for future growth and expansion. Diverse financing streams AlShamlan highlighted the successful issuance of a 5-year, US$1 billion Senior Unsecured Sukuk under KFH`s US$4 billion Sukuk Program. This issuance aims to finance KFH`s operations and diversify its funding sources. Furthermore, it will enable KFH to increase its financing and investment capabilities, support infrastructure projects and local productive economic sectors, and assist customers with their regional and global expansion plans. Qualitative digital solutions AlShamlan stated that KFH is focused on increasing its market share and improving service quality by consistently offering qualitative and competitive digital solutions through KFHOnline (both mobile and web), XTMs, and KFH Express. He detailed that KFH offers about 200 electronic services, including online payments, online account opening, instant printing of all bank card types, gold trading, opening deposit and account, instant cheque and card printing, and QR code-based cardless withdrawals via mobile, along with many other financing and banking services that are quick, simple, and secure. Human resources are central to achieving success "KFH underscores the paramount importance of its employees, actively working to boost their skills, performance, and academic and professional growth. Viewing them as central to its success, KFH remains committed to fostering their innovation in services and solutions that improve customer experience, exemplified by the annual "Innovation Challenge". Moreover, to foster employee development, KFH offers educational scholarships alongside extensive in-class and online training programs. KFH also focuses on nurturing Kuwaiti youth for leadership roles, empowering them to drive development," AlShamlan said. He pointed out that KFH is keen on empowering human talents and competencies, noting that the bank celebrated over 230 outstanding staff members at the 2024 Qadha program company. This program, the first of its kind in Kuwaiti banking, has recently earned global recognition with a Gold Medal from the prestigious Brandon Hall Group for Best Advance in Employee Recognition Program at the global level. Global recognition In appreciation of its exceptional efforts, AlShamlan said that KFH received global recognition, scooping around 15 awards for the current year from world-class entities and institutions. Most notable of these awards are: 'Best Islamic bank in the Middle East' and 'Best Bank in Kuwait' from EMEA Finance Magazine. Additionally, KFH attained ISO 22301 certification for its Business Continuity Management Systems (BCMS), reflecting the bank`s proactive capacities and preparedness to face potential risks, in addition to its sustainability in operations and operational efficiency. Thanks and appreciation AlShamlan commended the support of the Board of Directors, the Central Bank of Kuwait and the regulatory authorities for supporting the banking sector. He also praised the efforts of Executive Management, all employees, partners, and stakeholders for their key role and stressed the continuous efforts to maintain KFH`s leading position locally and globally.
Zawya
29-01-2025
- Business
- Zawya
Kuwait Finance House announces $1.95bln net profit in 2024
KUWAIT CITY, Jan 28: Chairman of Kuwait Finance House (KFH) Hamad Abdulmohsen Al Marzouq said that, by the grace of Allah, KFH has reported historic net profit of KD 601.8 million attributable to the shareholders of the bank for the year ended 2024; an increase of 3.0% compared to 2023. Earnings per share reached 36.37 fils for the year 2024, an increase of 3.0%, compared to 2023. Net Financing income for the year ended 2024 reached KD 1,147.0 million; an increase of 18.7% compared to 2023. Net operating income for the year ended 2024 reached KD 1,030.7 million, an increase of 9.0% compared to last year. Financing receivables reached around KD 19.1 billion, driven by the sale of KFH-Bahrain and fluctuations in FX in 2024. Total assets reached KD 36.7 billion for the year 2024. Total shareholders' equity reached KD 5.5 billion in 2024, an increase of KD 203.1 million, or 3.8% compared to last year. Depositors' accounts reached KD 19.2 billion for the year 2024. The capital adequacy ratio reached 19.89% for the year 2024, which is above the minimum requirement, compared with 18.18% as of December 31, 2023. This demonstrates KFH`s strong capital base. The Board of Directors considered the distribution of cash dividends to shareholders of 22% (including 10% in H1 2024). The Board of Directors also considered the distribution of bonus shares of 8% after the approval of the General Assembly and the competent authorities. Historic financial results Al Marzouq said that during 2024, KFH succeeded in achieving a solid financial performance by reporting record annual financial results. KFH also achieved growth in operating income, profits, financing portfolio and all key financial indicators. The Bank also succeeded in achieving the strategic objectives and enhancing the Group's leading standing after the completion of the largest-ever merger project in the Kuwaiti banking sector, and the successful integration of operations with the (formerly) Ahli United Bank – Kuwait (AUBK) as part of its landmark cross-border acquisition of Ahli United Bank - Bahrain, one of the largest deals in the region. This historic move paved the way for the creation of a giant financial entity, with a reach spanning 11 countries worldwide through a large international network of around 615 branches. It also paved the way for KFH's ambition of becoming one of the world's top 100 banks within the next decade. The highest market share Al Marzouq added that KFH tops all banks and companies listed on Boursa Kuwait with a current market cap approximating KD 13.6 billion. KFH also achieved a remarkable feat, ranking as the leading Kuwaiti company and tenth in the Middle East on Forbes`s annual ranking of Top 100 Listed Companies for 2024. USD1 billion Sukuk Al Marzouq mentioned the successful issuance of a 5-year Senior Unsecured Sukuk of $1 bn, the second issue under KFH $4 bn Sukuk Program. He explained that the aim of the Sukuk issuance is to enhance KFH's long-term funding sources, in addition to financing its overall operations. Promoting the future of Islamic Finance He noted that the Group has demonstrated its capabilities in promoting the future of Islamic finance worldwide. This is evident in the successful conversion of Ahli United Bank in Bahrain, UK, and Egypt into Islamic banking in a record time and high efficiency. Building a sustainable banking model Al Marzouq further noted that KFH continued its endeavors in building a sustainable banking model within the (ESG) framework, noting the inclusion of KFH in the FTSE4Good Index Series. KFH was also awarded 'A' rating by MSCI ESG Index. He also mentioned KFH's participation in the sixteenth session of the Conference of the Parties (COP16) to the United Nations Convention to Combat Desertification (UNCCD). The Bank also signed the first-of-its-kind Global Takaful Alliance agreement with the United Nations Development Programme (UNDP) and released the first-of-its-kind Carbon Footprint report in Kuwait's banking sector. KFH continues to issue its sustainability reports, reflecting its commitment to environmental leadership and responsible banking. Prominent role in the local economy Al Marzouq noted that KFH played a prominent role in supporting the local economy and contributed to the development of the infrastructure by financing large scale projects across various sectors. KFH also strengthened its role, at the banking level in Kuwait, as a strategic partner of small, medium-sized enterprises where many of them began their success story by financing granted by KFH. Solid financial position Meanwhile, KFH Group Chief Executive Officer, Khaled Yousef AlShamlan, said that KFH's solid operating performance led to growth in operating income, profits, financing portfolio and all key financial indicators. He noted that KFH maintained its solid balance sheet and enhanced the Group`s financial position. He pointed out that KFH continued its efforts to achieve financial solidity and sustainable growth, capitalizing on the resilient business model, assets quality, abundant liquidity, continuous diversification of financing and wide geographical spread in different markets worldwide, most prominently Kuwait, Bahrain, Turkey, Egypt, UK and Germany. Expanding Green finance scope AlShamlan revealed that KFH increased investment in green Sukuk with a total investment of $653.2 million in 2024, an increase of 162.3% compared to last year ($249 mn in 2023). He added that KFH maintained its top 3 position in the IILM sukuk primary dealer list and continued to be the first ranked IILM secondary market dealer for the 4th consecutive year amongst several international and regional banks, affirming KFH's position as a core player in the short-term IILM Sukuk market. Digital Transformation AlShamlan stated that KFH continued its innovative streak, developing digital financial solutions tailored to the needs and aspirations of its customers. The Bank also implemented numerous projects of services and products and finance. It developed the technological infrastructure, cybersecurity defenses and AI technology adoption, and cooperated with Fintech companies. He added that 'tam' bank is Kuwait's only fully Sharia-compliant digital bank, offering a unique and modern banking experience. tam's success was recognized by several industry-leading awards. Most prominent of which is Euromoney's 'Best Digital Bank in Kuwait' award. Empowering human talents AlShamlan highlighted KFH's distinctive role in empowering the national talents and competencies, noting that the Bank offered more than 115,000 training hours to about 4 thousand employees. Additionally, 26 managers across the Group participated in the Building Leadership Excellence program. 19 employees were accepted in KFH scholarship program, and 39 employees graduated from Forssah program for recent graduates. In recognition of these efforts, KFH received 13 prestigious global awards in Human Resources from the renowned Brandon Hall Group. Social responsibility AlShamlan indicated that KFH succeeded in launching value-added community initiatives that catered to various segments of society. These initiatives encompassed supporting community capabilities, caring for individuals with special needs, launching awareness campaigns, safeguarding the environment, supporting sustainable practices, empowering the youth, in addition to supporting innovation and various health and sport initiatives. He also mentioned commencing the reconstruction project of the damaged area in Al Mubarakiya. The contract, signed with the project's contractor and Kuwait Municipality, involves reconstructing approximately 17 buildings, along with the development of some neighboring structures with an estimated cost of around KD 8 million. KFH's efforts also encompassed various strategic initiatives in social responsibility. 47 prestigious awards In appreciation of its exceptional efforts, AlShamlan said that KFH received 43 awards and 4 rankings at the Group level from different global and regional entities. Most notable of these awards are: 'World's Best Islamic Financial Institution' Award from Global Finance magazine, 'Kuwait's Best Bank' and 'Kuwait's Best Bank for ESG' from Euromoney. In addition, KFH was named 'Bank of the Year – Kuwait' by The Banker and was awarded with the 'Corporate Social Responsibility – Middle East' award from EMEA Finance Magazine. Thanks and appreciation AlShamlan commended the support of the Board of Directors and the regulatory authorities for supporting the banking sector. He also praised the efforts of Executive Management, all employees, partners, and stakeholders for their key role and stressed the continuous efforts to maintain KFH`s leading position locally and globally. Arab Times | © Copyright 2024, All Rights Reserved Provided by SyndiGate Media Inc. (
Arab Times
28-01-2025
- Business
- Arab Times
Al Marzouq: KD 601.8 million Net Profit Attributable to KFH Shareholders for the year 2024, an Increase of 3.0%
KUWAIT CITY, Jan 28: Chairman of Kuwait Finance House (KFH) Hamad Abdulmohsen Al Marzouq said that, by the grace of Allah, KFH has reported historic net profit of KD 601.8 million attributable to the shareholders of the bank for the year ended 2024; an increase of 3.0% compared to 2023. Earnings per share reached 36.37 fils for the year 2024, an increase of 3.0%, compared to 2023. Net Financing income for the year ended 2024 reached KD 1,147.0 million; an increase of 18.7% compared to 2023. Net operating income for the year ended 2024 reached KD 1,030.7 million, an increase of 9.0% compared to last year. Financing receivables reached around KD 19.1 billion, driven by the sale of KFH-Bahrain and fluctuations in FX in 2024. Total assets reached KD 36.7 billion for the year 2024. Total shareholders' equity reached KD 5.5 billion in 2024, an increase of KD 203.1 million, or 3.8% compared to last year. Depositors' accounts reached KD 19.2 billion for the year 2024. The capital adequacy ratio reached 19.89% for the year 2024, which is above the minimum requirement, compared with 18.18% as of December 31, 2023. This demonstrates KFH`s strong capital base. The Board of Directors considered the distribution of cash dividends to shareholders of 22% (including 10% in H1 2024). The Board of Directors also considered the distribution of bonus shares of 8% after the approval of the General Assembly and the competent authorities. Historic financial results Al Marzouq said that during 2024, KFH succeeded in achieving a solid financial performance by reporting record annual financial results. KFH also achieved growth in operating income, profits, financing portfolio and all key financial indicators. The Bank also succeeded in achieving the strategic objectives and enhancing the Group's leading standing after the completion of the largest-ever merger project in the Kuwaiti banking sector, and the successful integration of operations with the (formerly) Ahli United Bank – Kuwait (AUBK) as part of its landmark cross-border acquisition of Ahli United Bank - Bahrain, one of the largest deals in the region. This historic move paved the way for the creation of a giant financial entity, with a reach spanning 11 countries worldwide through a large international network of around 615 branches. It also paved the way for KFH's ambition of becoming one of the world's top 100 banks within the next decade. The highest market share Al Marzouq added that KFH tops all banks and companies listed on Boursa Kuwait with a current market cap approximating KD 13.6 billion. KFH also achieved a remarkable feat, ranking as the leading Kuwaiti company and tenth in the Middle East on Forbes`s annual ranking of Top 100 Listed Companies for 2024. USD1 billion Sukuk Al Marzouq mentioned the successful issuance of a 5-year Senior Unsecured Sukuk of $1 bn, the second issue under KFH $4 bn Sukuk Program. He explained that the aim of the Sukuk issuance is to enhance KFH's long-term funding sources, in addition to financing its overall operations. Promoting the future of Islamic Finance He noted that the Group has demonstrated its capabilities in promoting the future of Islamic finance worldwide. This is evident in the successful conversion of Ahli United Bank in Bahrain, UK, and Egypt into Islamic banking in a record time and high efficiency. Building a sustainable banking model Al Marzouq further noted that KFH continued its endeavors in building a sustainable banking model within the (ESG) framework, noting the inclusion of KFH in the FTSE4Good Index Series. KFH was also awarded 'A' rating by MSCI ESG Index. He also mentioned KFH's participation in the sixteenth session of the Conference of the Parties (COP16) to the United Nations Convention to Combat Desertification (UNCCD). The Bank also signed the first-of-its-kind Global Takaful Alliance agreement with the United Nations Development Programme (UNDP) and released the first-of-its-kind Carbon Footprint report in Kuwait's banking sector. KFH continues to issue its sustainability reports, reflecting its commitment to environmental leadership and responsible banking. Prominent role in the local economy Al Marzouq noted that KFH played a prominent role in supporting the local economy and contributed to the development of the infrastructure by financing large scale projects across various sectors. KFH also strengthened its role, at the banking level in Kuwait, as a strategic partner of small, medium-sized enterprises where many of them began their success story by financing granted by KFH. Solid financial position Meanwhile, KFH Group Chief Executive Officer, Khaled Yousef AlShamlan, said that KFH's solid operating performance led to growth in operating income, profits, financing portfolio and all key financial indicators. He noted that KFH maintained its solid balance sheet and enhanced the Group`s financial position. He pointed out that KFH continued its efforts to achieve financial solidity and sustainable growth, capitalizing on the resilient business model, assets quality, abundant liquidity, continuous diversification of financing and wide geographical spread in different markets worldwide, most prominently Kuwait, Bahrain, Turkey, Egypt, UK and Germany. Expanding Green finance scope AlShamlan revealed that KFH increased investment in green Sukuk with a total investment of $653.2 million in 2024, an increase of 162.3% compared to last year ($249 mn in 2023). He added that KFH maintained its top 3 position in the IILM sukuk primary dealer list and continued to be the first ranked IILM secondary market dealer for the 4th consecutive year amongst several international and regional banks, affirming KFH's position as a core player in the short-term IILM Sukuk market. Digital Transformation AlShamlan stated that KFH continued its innovative streak, developing digital financial solutions tailored to the needs and aspirations of its customers. The Bank also implemented numerous projects of services and products and finance. It developed the technological infrastructure, cybersecurity defenses and AI technology adoption, and cooperated with Fintech companies. He added that 'tam' bank is Kuwait's only fully Sharia-compliant digital bank, offering a unique and modern banking experience. tam's success was recognized by several industry-leading awards. Most prominent of which is Euromoney's 'Best Digital Bank in Kuwait' award. Empowering human talents AlShamlan highlighted KFH's distinctive role in empowering the national talents and competencies, noting that the Bank offered more than 115,000 training hours to about 4 thousand employees. Additionally, 26 managers across the Group participated in the Building Leadership Excellence program. 19 employees were accepted in KFH scholarship program, and 39 employees graduated from Forssah program for recent graduates. In recognition of these efforts, KFH received 13 prestigious global awards in Human Resources from the renowned Brandon Hall Group. Social responsibility AlShamlan indicated that KFH succeeded in launching value-added community initiatives that catered to various segments of society. These initiatives encompassed supporting community capabilities, caring for individuals with special needs, launching awareness campaigns, safeguarding the environment, supporting sustainable practices, empowering the youth, in addition to supporting innovation and various health and sport initiatives. He also mentioned commencing the reconstruction project of the damaged area in Al Mubarakiya. The contract, signed with the project's contractor and Kuwait Municipality, involves reconstructing approximately 17 buildings, along with the development of some neighboring structures with an estimated cost of around KD 8 million. KFH's efforts also encompassed various strategic initiatives in social responsibility. 47 prestigious awards In appreciation of its exceptional efforts, AlShamlan said that KFH received 43 awards and 4 rankings at the Group level from different global and regional entities. Most notable of these awards are: 'World's Best Islamic Financial Institution' Award from Global Finance magazine, 'Kuwait's Best Bank' and 'Kuwait's Best Bank for ESG' from Euromoney. In addition, KFH was named 'Bank of the Year – Kuwait' by The Banker and was awarded with the 'Corporate Social Responsibility – Middle East' award from EMEA Finance Magazine. Thanks and appreciation AlShamlan commended the support of the Board of Directors and the regulatory authorities for supporting the banking sector. He also praised the efforts of Executive Management, all employees, partners, and stakeholders for their key role and stressed the continuous efforts to maintain KFH`s leading position locally and globally.
