Kuwait Finance House (KFH) achieved an increase of 31 percent in its net profit in the second quarter (Q2) of this year, to 68.583 million dinars (about 223.25 million dollars) from 52.189 million dinars the previous year.
In a statement to the Kuwait Stock Exchange, KFH highlighted that its net profit in the first half (H1) of 2022 amounted to 138.08 million dinars, up from 102.19 million dinars in the same period of 2021. The bank attributed this increase to a 24.3 percent surge in net operating income.
KFH Chairman of the Board of Directors Hamad Abdul Mohsen Al-Marzouq confirmed that the net financing income for H1 2022 increased by 9.7 percent compared to the same period the previous year.
The net operating income for H1 2022 increased to 308.3 million dinars, a 24.3 percent increase over the same period last year.
The cost-to-income ratio improved to 32.6 percent for the same period last year, from 38 percent, owing to an increase in total operating income and a reduction in total operating expenses.
KFH “successfully achieved strong financial results and growth in all basic financial indicators during H1 2022, proving management’s prudence and strategy efficiency,” Al-Marzouq added.
On Tuesday, the bank announced that it had submitted a notice of firm intention to submit an offer to acquire up to 100 percent of the shares of Bahrain’s Ahli United Bank, in a move that could establish the seventh largest bank in the Gulf with $115 billion in assets.
In Q1 2022, KFH achieved a net profit of approximately 69.5 million dinars (equivalent to 227.85 million dollars), registering a 39 percent increase year on year.
