Al-Marzouq: KD 50.0 Million Net Profits for Q1 of 2021

Net finance income for Q1 this year reached KD 153.6 Million; an increase of 5.3%

KFH Chairman Hamad AlMarzouq

KFH Chairman Hamad AlMarzouq

  • Finance portfolio reached KD 10.9 Billion; an increase of 1.1%
  • Depositors’ accounts at KD 15.3 Billion
  • Good profitability ratios despite the economic consequences of pandemic
  • Solid financial position, high quality assets and strong capital base
  • Ongoing leading national role in supporting the society and economy
  • Prominent contributions to the growth of Islamic finance markets where KFH operates
  • Wide experience in Sukuk issuance for banks, corporates and governments
  • Proactive approach to adopt innovation and technology and focus on better customer experience
  • Building and qualifying national staff according to the global standards as key development factor 

Kuwait: Chairman of Kuwait Finance House (KFH) Hamad Abdulmohsen Al-Marzouq said that KFH has, by the grace of Allah, reported net profit of KD 50.0 Million for the first quarter of 2021 for KFH shareholders; an increase of 12.9% compared to the same period last year.

Earnings per share for the first quarter of 2021 reached 5.97 fils; an increase of 12.6% compared to the same period last year.

 Net financing income for the first quarter of the year reached KD 153.6 Million; an increase of 5.3% compared to the same period last year.

 Total operating expenses for the first quarter of the year dropped by 6.5% compared to the same period last year.

Net operating income decreased to reach KD 127.6 Million or 8.2% compared to the same period last year, affected by the decrease in investment income by 86.6% compared to the same period last year.

Financing receivables as of the end of the first quarter of 2021 reached KD 10.870 Billion, i.e. an increase of KD 122 million or 1.1% compared to end of year 2020.

Investment in Sukuk as of the end of the first quarter of 2021 reached KD 2.717 Billion; a decrease of KD 25 million or 0.9% compared to end of year 2020.

Total assets as of the end of the first quarter of 2021 reached KD 21.218 Billion i.e., decrease of KD 284 million or 1.3% compared to end of year 2020.

Depositors’ accounts stabilized at KD 15.309 Billion i.e., decrease of KD 8 million or 0.1% compared to end of year 2020.

Shareholders’ equity as of the end of the first quarter of 2021 reached KD 1.866 Billion i.e., decrease of KD 70 million or 3.6% compared to end of year 2020.

In addition, the capital adequacy ratio reached 16.98% which is above the minimum limit required by regulators.  This ratio confirms the solid financial position of KFH.

Positive financial indicators

Al-Marzouq explained that the Q1 results are positive and reflect the strong foundations of KFH to maintain a solid financial position, high quality assets, strong capital base and sustainable growth, offering shareholders and customers good profitability ratios despite the economic consequences of the pandemic.

Pointing out that the growth of KFH`s profits was a result of lower provisions due to lower cost and non-performing financings (NPFs), Al-Marzouq expressed optimism about the recovery signs of the local and global economy and a reversal of the spread of the pandemic due the acceleration of vaccination campaigns across the world.

He affirmed KFH`s healthy financial indicators as reflected in the growth of net operating income, financing portfolio, and stability of total assets and depositors’ accounts. This demonstrates the balanced and solid performance of KFH and emphasizes prudence in managing risks and the ability to deal with variables.

Leadership in economy and society

“Along with supporting small and medium enterprises, financing mega projects in different vital sectors and contributing to the development plans and projects in Kuwait and the region, KFH continues its leading national role in the economy and society as part of its sustainable development strategy,” Al-Marzouq said.

"In addition to its track record of contributions to the growth of Islamic finance industry where it operates, KFH  has a wide experience in Sukuk issuances for banks, corporates and governments as well as financing mega infrastructure development projects, which contribute to economic progress and development of many financial products", He explained.

Al-Marzouq said that, as part of its keenness to promote social responsibility, KFH launched an initiative to pay over KD20mn in debts to release approximately 10,000 defaulting debtors. He also stressed the importance of the continuous leadership of KFH in social responsibility and its pursuit of sustainability as a comprehensive development concept.

Proactive approach

Al-Marzouq emphasized the digital transformation strategy of KFH and its proactive approach to adopt technology and innovation and reinforce customer experience through delivering the best innovative banking solutions.

He added that KFH keeps focusing on developing the services and products it provides to its customers, and is keen to continue adopting banking digitization in collaboration with FinTechs, employing AI and robots, and keeping pace with developments in the global banking industry.

Al-Marzouq said that the digital services offered by KFH witnessed big boom through launching a series of innovative digital banking solutions. These solutions include for example and not limited to: “opening bank account online” service for citizens and residents, digital signature service in personal financing products that includes the electronic handling of all paper documents for personal finance transactions, instant transfer using " RippleNet" network and Swift GPI service through KFHOnline. In addition, KFH was the first bank in the world to use NCR Hybrid Solution to instantly issue banking cards without a prior request.

Building local staff

Al-Marzouq said that while building and qualifying national competencies according to global standards are key elements in the Kuwait development plan, KFH confirmed the success of its strategy of acquiring and developing local talents and excellence in terms of local labor and Kuwaitization ratio as citizens made up 97%- 99% of new hires in recent years, most of them fresh graduates. Moreover, KFH ranked first among banks and private sector as a top Kuwaitization destination as it hires the largest number of Kuwaiti employees. This reflects its leadership in nationalization efforts.

Global recognition

Al Marzouq said that KFH won prestigious awards from international magazines and institutions such as the "World's Best Islamic Bank 2021" Award and “Best Treasury and Cash Management Bank in Kuwait” Award 2021 from Global Finance Magazine in recognition of the high position KFH enjoys in treasury and cash management.  Also, KFH won “Best Islamic Bank in the Middle East” Award, “Best Islamic Bank in Kuwait” award, and "Best Bank in Kuwait" Award EMEA Finance Magazine. KFH won these awards on the basis of  its financial performance, quality of its services, excellence in banking sector, as well as market share, products expansion, profitability, innovation, the ability to adapt to changing market conditions and the quality of its business strategy based on professional standards and recommendations of experts and analysts.


Al-Marzouq extended his thanks to the shareholders and customers for their support and trust in KFH Group, and to the regulatory authorities. He also commended the executive management and staff for their efforts. He emphasized maintaining the ideal approach of KFH`s vision and strategy in serving customers systemically, promoting digital innovative products and services, and leading the global development of the Islamic finance industry.


Send us your press releases to

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases