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In the news..
AlShamlan: KFH Achieved the Highest Net Profit in the Banking Sector
Kuwait Finance House (KFH) Group Chief Executive Officer, Khaled Yousef AlShamlan said that all key financial indicators for KFH saw an overall increase in the first quarter of 2025. He stated that KFH topped the Kuwaiti banking sector in terms of net profits that approximated KD 168.1 million for Q1 2025, representing a growth of 3.2% compared to the same period last year and a 41.4% increase compared to the fourth quarter of 2024. In an interview with CNBC Arabia TV, He added that KFH`s net financing income reached KD 318.9 million; an increase of 21.1% compared to the same period last year. Total operating income increased, supported by an increase in all core activities to reach KD 454.9 million; an increase of 15.9% compared to the same period last year. This affirms KFH`s successful strategy, solid capital base and robust operational performance. AlShamlan mentioned that net operating income reached KD 295.7 million, an increase of 19.4% compared to the same period last year. Speaking about the non-performing financing from the total financing and coverage ratio for Q1 2025, AlShamlan pointed out that the Group non-performing financing (NPF) ratio reached roughly 1.84% as per the Central Bank of Kuwait calculation. As for the provisions coverage ratio for KFH-Kuwait it reached approximately 337% and about 270% for the Group. Financing and Liquidity Law Discussing the influence of the Financing and Liquidity Law (Public Debt), on both banks and the broader economy, AlShamlan stated that it has a clear and immediate impact. He explained that this law is an integral component of economic reform, playing a role in strengthening financial stability and boosting the confidence of both domestic and international investors and lenders. Furthermore, he noted that if the government issues sovereign bonds or Sukuk, it will improve its capacity to handle its financial commitments in the future. This will guarantee consistent public spending and support the nation`s development plans. Consequently, this will undoubtedly benefit Kuwaiti banks by improving their liquidity management effectiveness, as they can utilize excess liquidity to meet necessary financing needs. Tariffs Discussing the risks and consequences of a trade war involving tariffs, AlShamlan pointed out that such conflicts can slow down global economic growth, increase production cost, and cause exchange rates to become volatile. He further explained that these issues could create difficulties for certain parts of the economy, particularly those businesses that heavily rely on exporting and importing goods. Turning to KFH, AlShamlan stated that the bank is in a strong position due to its diverse operations across different regions and sectors. Additionally, KFH`s reliance on an Islamic finance model that uses real, physical assets as its foundation offers extra security during periods of economic instability, like a tariff war. KFH, he stated, had already integrated potential risks into its strategic planning. This was achieved by strengthening stress tests on its financing portfolios vulnerable to global trade, closely monitoring FX markets and their volatility, and ensuring coordination across its various departments to address any possible vulnerabilities in advance. AlShamlan further commented, "While we acknowledge the significance of global risks, we are confident that KFH possesses the necessary protective measures, adaptability, and expertise to navigate this period with awareness and professionalism, ultimately transforming challenges into opportunities for growth and investment."
KFH Assesses Community Engagement with Diraya Campaign
Kuwait Finance House (KFH) conducted a community banking experiment to assess public banking awareness and offer guidance on the risks, types, and avoidance of financial fraud. This initiative is part of the Diraya banking awareness campaign, launched by the Central Bank of Kuwait in collaboration with the Kuwait Banking Association and Kuwaiti banks, and aligns with KFH`s corporate social responsibility efforts. Conducted during the Derasti exhibition at the Kuwait International Fairground in Mishref, the experiment focused on testing students` banking knowledge. Its aim was to enhance financial awareness and highlight fraudulent activities customers may encounter through various channels, such as SMS, email, phone call, and social media. The experiment elicited a range of responses from the students. Meanwhile, a KFH representative reassured the participating students that the bank would never solicit personal details through email, SMS, or phone call. KFH stressed the critical need to disregard such communications, identifying them as deceptive schemes aimed at acquiring banking credentials and pilfering funds or data. KFH urged customers to safeguard their banking information by never sharing OTP codes and exercising caution with electronic links, as clicking them could lead to the theft of confidential data. The bank also advised enhancing account security by avoiding the storage of sensitive information like card numbers and PINs on phones, keeping PINs secret and unwritten, and always logging out of banking apps or websites after use. KFH successfully utilized all its e-channels on social media platforms and its website, mobile app to disseminate awareness content. These endeavors amassed a significant interaction with customers due to the distinctive and useful contents of KFH`s cutting- edge services and products. In conjunction with the rollout of its new digital services, KFH has published several awareness pieces. These services include Kuwait`s first instant printing of credit and prepaid cards, WAMD instant payment in collaboration with KNET, transfers via the Western Union network, and the AFAQ instant transfer service. KFH`s awareness efforts also encompass explanatory videos on topics such as new user registration on the mobile app, cardless cash withdrawals, ATM services, and how to benefit from KFHOnline financial solutions. These videos and other awareness posts are available on KFH`s social media channels (@KFHgroup). In line with the continued awareness efforts, KFH is committed to participating in initiatives and forums that focus on raising banking awareness. These include its participation in the 5th Gulf Conference and Exhibition for Cybersecurity Challenges titled “A Secure Digital Environment”. During its participation, KFH shed light on the concept of fraud in general, with a specific focus on cyber fraud, explaining the various types of fraud that pose a threat to both individuals and the community.
KFH Reports Net Profit Attributable to the Shareholders of KD 168.1 million for Q1 2025
Chairman of Kuwait Finance House (KFH) Hamad Abdulmohsen Al Marzouq announced that KFH achieved a net profit of KD 168.1 million for the first quarter of 2025 for shareholders, representing an increase of 3.2% compared to the same period last year, and an increase of 41.4% compared to the fourth quarter of last year. Earnings per share for the first quarter of 2025 reached 9.77 fils; an increase of 3.1% compared to the same period last year. Net financing income for the first quarter of the year reached KD 318.9 million; an increase of 21.1% compared to the same period last year. Total operating income for the first quarter of the year increased, supported by an increase in all core activities to reach KD 454.9 million; an increase of 15.9% compared to the same period last year. Net operating income for the first quarter of the year reached KD 295.7 million; an increase of 19.4% compared to the same period last year. Financing receivables increased as of the end of the first quarter of 2025 to reach KD 19.3 billion; an increase of 1.1% compared to the end of last year. Total assets increased as of the end of the first quarter of 2025 to reach KD 36.9 billion; an increase of 0.4% compared to the end of last year. Shareholders’ equity amounted to KD 5.5 billion at the end of the first quarter of 2025. Depositors’ accounts increased as of the end of the first quarter of 2025 to reach KD 19.5 billion; an increase of 1.3% compared to the end of last year. In addition, the capital adequacy ratio reached 19.38% which is above the limit required by regulators. This ratio confirms the solid capital base of KFH. Sustainable profits In a press release, Al Marzouq stated that KFH`s Q1 2025 growth in key financial indicators demonstrates the successful execution of the strategy approved by the bank`s Board of Directors. He further noted that this performance, achieved despite a complex operating environment and market shifts driven by regional and global economic developments, underscores the strength of KFH`s comprehensive and integrated business model. Al Marzouq added that the growth in all key financial indicators and balance sheet items confirms KFH`s progress in generating higher-quality and sustainable profits. Al Marzouq highlighted that KFH`s financial performance demonstrates its consistent ability to grow profits sustainably. This success validates the effectiveness of KFH`s efforts at every level in attaining its objectives. These objectives include boosting profitability, sustaining high growth, rationalizing expenses, elevating service quality, embracing technology and digitization, and enriching customer interactions through well-defined and carefully managed approaches, rigorous and measurable professional standards, and the capacity for prompt and effective responses to market changes. Furthermore, these efforts take into account increasing competition and evolving customer expectations. He also commended the experienced management for their skill in navigating the business environment and boosting confidence in the bank. Giant banking entity Al Marzouq explained that the expansion abroad had gained significant momentum and brought about a qualitative transformation in KFH`s growth strategy, turning it into a substantial banking entity with a presence in eight countries worldwide. These notably include Kuwait, Bahrain, Egypt, Turkey, the UK, and Germany, supported by an extensive network of over 600 branches. He also noted that KFH continues to lead all banks and companies listed on Boursa Kuwait, with a current market capitalization near to KD 13 billion. "KFH`s recently launched "Beyond Horizons" visual identity reflects the bank`s substantial growth, achievements, global reach, and future ambitions. This new identity also underscores KFH`s ongoing commitment to technological advancement, digital innovation, and its leading position in Islamic finance," he added. Supporting the national economy Underscoring KFH`s pioneering position, Al Marzouq stated that the bank will maintain its support for the Kuwaiti market and national economy. This includes providing financing to corporates within established credit guidelines, as well as its continued focus on corporate banking, corporate and retail financing. KFH actively collaborates with relevant authorities to support and finance small and medium-sized enterprises (SMEs). Recognizing the vital role of these businesses in Kuwait`s economy, job creation, and youth employment, KFH holds the largest SME financing portfolio in the market by the number of beneficiaries. Green Sukuk Al Marzouq highlighted KFH`s ongoing commitment, via its investment arm KFH Capital, to issue more Sukuk for both governments and companies globally. He also stressed a particular focus on green Sukuk, aligning with KFH`s broader strategy for sustainability and the adoption of ESG standards. Social leadership Highlighting KFH`s significant societal impact, Al Marzouq noted the progress achieved through numerous strategic social contributions recently. Key initiatives include a KD 15 million pledge to establish a cardiac center at Mubarak Al-Kabeer Hospital in partnership with the Ministry of Health, and a KD 2 million donation to the Ministry of Social Affairs` debt relief campaign. Previously, KFH also contributed over KD 20 million to settle insolvent individuals` debts in collaboration with the Ministry of Justice. KFH Group Chief Executive Officer, Khaled Yousef AlShamlan Solid financial position KFH Group Chief Executive Officer, Khaled Yousef AlShamlan stated that the Q1 2025 financial indicators demonstrated balanced performance and significant financial strength, showing notable improvements in solvency and growth compared to the same period last year. He added that increased and diversified operating income, along with solid performance across most balance sheet items, highlight the Group`s creditworthiness, reliability, and diverse avenues for future growth and expansion. Diverse financing streams AlShamlan highlighted the successful issuance of a 5-year, US$1 billion Senior Unsecured Sukuk under KFH`s US$4 billion Sukuk Program. This issuance aims to finance KFH`s operations and diversify its funding sources. Furthermore, it will enable KFH to increase its financing and investment capabilities, support infrastructure projects and local productive economic sectors, and assist customers with their regional and global expansion plans. Qualitative digital solutions AlShamlan stated that KFH is focused on increasing its market share and improving service quality by consistently offering qualitative and competitive digital solutions through KFHOnline (both mobile and web), XTMs, and KFH Express. He detailed that KFH offers about 200 electronic services, including online payments, online account opening, instant printing of all bank card types, gold trading, opening deposit and account, instant cheque and card printing, and QR code-based cardless withdrawals via mobile, along with many other financing and banking services that are quick, simple, and secure. Human resources are central to achieving success "KFH underscores the paramount importance of its employees, actively working to boost their skills, performance, and academic and professional growth. Viewing them as central to its success, KFH remains committed to fostering their innovation in services and solutions that improve customer experience, exemplified by the annual "Innovation Challenge". Moreover, to foster employee development, KFH offers educational scholarships alongside extensive in-class and online training programs. KFH also focuses on nurturing Kuwaiti youth for leadership roles, empowering them to drive development," AlShamlan said. He pointed out that KFH is keen on empowering human talents and competencies, noting that the bank celebrated over 230 outstanding staff members at the 2024 Qadha program company. This program, the first of its kind in Kuwaiti banking, has recently earned global recognition with a Gold Medal from the prestigious Brandon Hall Group for Best Advance in Employee Recognition Program at the global level. Global recognition In appreciation of its exceptional efforts, AlShamlan said that KFH received global recognition, scooping around 15 awards for the current year from world-class entities and institutions. Most notable of these awards are: “Best Islamic bank in the Middle East” and “Best Bank in Kuwait” from EMEA Finance Magazine. Additionally, KFH attained ISO 22301 certification for its Business Continuity Management Systems (BCMS), reflecting the bank`s proactive capacities and preparedness to face potential risks, in addition to its sustainability in operations and operational efficiency. Thanks and appreciation AlShamlan commended the support of the Board of Directors, the Central Bank of Kuwait and the regulatory authorities for supporting the banking sector. He also praised the efforts of Executive Management, all employees, partners, and stakeholders for their key role and stressed the continuous efforts to maintain KFH`s leading position locally and globally.
KFH Group Concludes its Participation in AAOIFI 23rd Annual Shari’ah Boards Conference
A delegation of Sharia Supervisory representatives from Kuwait Finance House (KFH) Group recently concluded its participation in the 23rd AAOIFI Annual Shari’ah Boards Conference, which was organized by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in cooperation with the Central Bank of Bahrain and held in Bahrain. KFH`s participation stems from its keenness to develop the Islamic banking industry and to continue supporting the advancement of financial products and services in accordance with Shari’ah, as the conference is one of the most prominent gatherings of Shari’ah scholars and decision-makers to discuss various topics and developments in the Islamic financial industry worldwide. The participants expressed their appreciation for KFH`s valuable contributions. Furthermore, His Excellency Shaikh Ebrahim bin Khalifa Al Khalifa, Chairman of the AAOIFI Board of Trustees, honored the KFH Group delegation on the sidelines of the conference. This recognition also commended KFH Group for its pivotal role in the Islamic finance industry, both regionally and worldwide, and acknowledged the Group`s continuous and tireless efforts in advancing the Islamic financial services industry and expanding its scope, leadership, and success. The conference convened scholars, leaders, and experts in the Islamic finance industry, alongside senior officials from central banks and supervisory authorities. Across five panel discussions held over two days, the conference explored the Shari’ah aspects pertinent to the Islamic finance industry, focusing on Shari’ah governance frameworks for its institutions. The event also featured several live and virtual dialogue sessions where prominent figures in Islamic finance presented their visions for the industry`s development, addressing challenges in upholding Shari’ah principles in transactions and tackling current issues. Following this, four workshops were conducted, focusing on the governance and financial accounting standards issued by AAOIFI. KFH Group`s participation in the conference represented an opportunity to exchange ideas, visions, and concepts with leaders` specialists in the Islamic banking industry, and to review the most important issues and topics in Islamic banking that require practical solutions and applications, especially that the Islamic banking sector needs continuous research and development efforts to address various issues facing its development. AAOIFI, established in 1991 and based in Bahrain, is the leading international not-for-profit organization primarily responsible for development and issuance of standards for the global Islamic finance industry. It has issued a total of 100 standards in the areas of Shari'ah, accounting, auditing, ethics and governance for international Islamic finance. it is supported by a number of institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms, from over 45 countries. Its standards are currently followed by all the leading Islamic financial institutions across the world and have introduced a progressive degree of harmonization of International Islamic finance practices.
