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Kuwait Finance House-Bahrain (KFH-Bahrain) achieved a net profit of BD30 million for the period ended September 2008, compared to BD20.1 million for the same period last year, reflecting an impressive increase of 49 per cent.
The total income for the period grew to BD66.6 million from BD44.7 million reflecting a strong growth of 49 per cent.
Total assets increased by 71 per cent, standing at BD1.254 billion compared to BD735.3 million at the end of last year. Deposits from unrestricted investment accounts grew by 474 per cent to BD304.5 million, compared to BD53.1 million at the end of last year. Total equity reached BD351.3 million at the end of the period, with an increase of 114 per cent compared to end of December 2007 when it was BD164.3 million.
Commenting on the results, CEO and managing director of KFH-Bahrain Abdulhakeem Alkhayyat said: "These results reflect the continued success of our vision, strategic planning and robust execution of our business plans. We continue to set benchmarks on all fronts whether it is returns for our depositors, investors and shareholders, service excellence, our branch expansion or the working environment for our dynamic team.
"Even though we remain very cautious on the performance of global, regional and local capital markets, KFH-Bahrain is still one of the highest profit distributors on customers' various investment accounts despite the adverse developments in the global financial markets. With our customers' ongoing patronage, I anticipate we will achieve a record-breaking end of year results."
During the third quarter of 2008 the bank continued to launch innovative products and services, including excellent returns on investment accounts, the opening of several new branches among other initiatives.
From an investment perspective, KFH-Bahrain successfully launched Diyar Al Muharraq, which is considered to be one the largest real estate development projects targeting middle and low income categories in the kingdom. The bank also announced a 100 per cent increase in capital, to support its growth and expansion plans.
