|28 January, 2020

Kuwait Finance House targets $330mln exits in 2020 - CEO

Depositors’ accounts rose by 15% annually in 2019

A Kuwaiti investor looks onto the trading floor at the Kuwait Stock Exchange April 23, 2003 in Kuwait City, Kuwait.

A Kuwaiti investor looks onto the trading floor at the Kuwait Stock Exchange April 23, 2003 in Kuwait City, Kuwait.

Getty Images/Graeme Robertson

Kuwait Finance House (KFH) is projected to exit non-strategic assets worth KWD 100 million during 2020, the CEO, Mazin Saad Ali Al Nahedh, disclosed on Tuesday.

He highlighted that total exits in 2019 amounted to KWD 137 million that generated profits worth KWD 40.7 million when compared to KWD 21.9 million in 2018.

The 2020 planned exits are part of KFH’s strategy to focus on main banking work, in addition to exiting non-strategic investments that not only consume the capital but also do not reflect the company’s sustainability policy in generating income.

The CEO further added that depositors’ accounts rose by 15% year-on-year (YoY) in 2019 to reach KWD 13.55 billion.

It is worth noting that in the fiscal year ended 31 December 2019, KFH reported a net profit attributable to the owners of the parent company worth KWD 251.02 million, up by 10.4% YoY from KWD 227.41 million.

Source: Mubasher

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