KFH posts KD 38.6 mln in Q1 profits

KUWAIT, April 25 (KUNA) -- Kuwait Finance House (KFH) on Tuesday announced net profits of KD 38.6 million (around USD 126 million) in the first quarter of 2017, an increase of 13.1 percent.
KFH Chairman Hamad Abdulmohsen Al-Marzouq said in a press statement that net finance revenues for Q1 this year reached KD 100.1 million (USD 327 million), a growth of 3.1%, compared to the same period last year.
Total operating income for the first quarter of the year reached KD 168.6 million (USD 551 million), i.e. a growth increase by 22.6 percent, while net operating revenues reached KD 98.7 million (USD 323 million), i.e. a growth of 55.6 percent compared to the same period last year, he said.
Growth of the financing portfolio increased by 3.5 percent to KD 8.4 billion, depositors' accounts increased by 2.4 percent to KD 10.9 billion (USD 35.6 billion), he added.
Total assets reached KD 16.4 billion (USD 54 billion), while shareholders' equity reached KD 1.7 billion at the end of the first quarter of 2017, the KFH chairman noted.
In addition, KFH's capital adequacy ratio (CAR) reached 17.9 percent, higher than the required limit of 15 percent, thus reiterating the strength of KFH financial position, he concluded. (end) fnk.ht.mt