Mohammed Al-Omar, CEO of Kuwait Finance House (KFH), told CNBC Arabiya exclusively today that KFH’s total assets reached KWD 12 billion, EPS 17.1 fils, while deposits grew by 14% which he saw as good results.
He indicated that the lender’s figures were impacted by return on financing cost.
By end of H1-11, KFH has made precautionary provisions, he noted, highlighting the solid performance of the stock. He also indicated that the lender’s figures mirrored the market’s conditions, given the fact that banks were awaiting for the development plan.
In addition, Al-Omar announced that KFH Turkey witnessed a33% growth, as the unit was financing operating projects and would likely issue Islamic bonds by the end of the year. The unit will generate profit because it operates in a healthy economy, Al-Omar said. (source)
The government should help local lenders to improve Kuwaiti infrastructure, establish new cities and speed up and implement the development plan, he concluded.
