Kuwait - Mubasher: Kuwait Finance House (KFH) reported a growth in profits in the third quarter of 2016 by 20.42% thanks to the rise in operating revenues and the decrease in expenses.
Profits increased to KWD 52.22 million ($172 million) in Q3-16 compared to KWD 43.36 million ($142.8 million) in Q3-15, the bank said in a press release on Tuesday.
The Bank’s profits also grew by 16.46% in the nine-month period that ended on 30 September to KWD 123.1 million compared to KWD 105.7 million in the same period last year.
“Despite the tough-operating environment and the unfavorable conditions in different markets regionally and globally, KFH achieved good profitability and growth in all indicators, mainly the surge in the total operating revenues and the investment revenues,” said KFH chairman Hamad Abdulmohsen Al-Marzouq.
“KFH managed to reduce the operating expenses in comparison to the revenues. The high profitability indicators calculated on a yearly basis reiterates the strong pillars of KFH to achieve sustained profitability,” he added.
Al-Marzouq also said that the realized profits are in line with the ambitious strategy to ensure the achievement of a sustainable growth rate, yet to achieve integration of its businesses at the Group level.
