Kuwait Finance House (KFH) , the country’s biggest Islamic lender, posted a 9.4% annual rise in net profit in the second quarter of this year, the bank said on Wednesday.
Net profit attributable to shareholders in the second quarter amounted to 56.1 million Kuwaiti dinars ($184.34 million), though net operating profit decreased by 2.3% to 122.6 million dinars.
In the first half of this year, net profit rose 13.1% on an annual basis, mainly because of an increase in total operating income and lower operating expenses, KFH said.
The bank is taking over Bahrain’s Ahli United Bank in the first major cross-border bank merger deal in the Gulf region in recent years.
The deal, formalised in January, is expected to boost consolidated profit by more than 90 percent from the level in 2018, KFH said at the time.
KFH was established in Kuwait in 1977 and is enlisted in the Kuwait Stock Exchange. KFH Group is a global pioneer in the field of Islamic banking services, where it offers a wide array of Islamic financial products and services, not to mention a high standard of innovation and customer service.
KFH manages its operations in the GCC, Asia, and Europe through over 504 branches, including KFH-Turkey, to offer services for the bank’s customers in Turkey, Malaysia, Saudi Arabia, Bahrain, Germany, and the UAE.
KFH’s mission is to achieve highest levels of excellence and innovation in the field of customer service, while developing common interest for all those concerned with the financial institution. KFH’s vision is to spearhead the global development in Islamic financial services, and to upgrade the bank into the level of becoming the most sustainable profitable Islamic bank in the world.
Source Reuters