Feb 16 2012
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Al-Nafisi to CNBC Arabia: Clear vision, relentless efforts fostered growth in KFH's businesses
Chairman of Kuwait Finance House ( KFH ) Samir Al-Nafisi told CNBC Arabia during an interview, that achieving good profit and satisfying dividends for shareholders and depositors during fiscal year 2011, despite current challenging economic status worldwide, reflects KFH 's robust status. He shed light on the accomplishments made by the bank last year, which allowed KFH to cement its leading status in the field of global Islamic banking. He added that in 2011, KFH faced another formidable challenge that it managed to overcome, and stressed that a clear vision and relentless efforts allowed the bank to grow in most of its essential financial indicators.
He noted that KFH continued last year to set aside provisions, where most of those provisions were precautionary; especially since the market has not yet fully recovered. He mentioned that last year's financial statements revealed many positive indicators that were reflected by the growth that KFH has achieved in its main indicators. He said that total revenues increased by 18.4%, total assets increased by 7.3%, deposits increased by 16.1%, and total shareholders' equity increased to reach KD 1.3 billion. He explained that those results were achieved through the increase in operational revenues, and the sterling efforts exerted by top and executive managements to boost the performance of investment and credit portfolios.
Concerning announced dividends and returns on deposits, Al-Nafisi remarked that they are considered relatively well, compared to the local market that still witnesses turbulences. He added that setting precautionary provisions aside and economic developments have relatively affected dividends.
Al-Nafisi explained that KFH managed to overcome the challenges facing some of its overseas investments and assets in subsidiaries. He added that Aref Investment Group has been successfully restructured, and it is on its way to becoming productive and profitable.
Marketing & PR Department
Kuwait Finance House - KFH
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