Best Islamic bank in Kuwait
Kuwait Finance House has had some difficult times in recent years, just like Kuwait itself, but a new strategy to revamp the bank is starting to bear fruit. In the nine months to September 30, every key metric moved in the right direction year on year: net profit up 17%, earnings per share up 12%, total assets up 10%, deposits 11%, and shareholder equity 31%.
These are the results of a strategy – developed with Booz & Company and implemented in 2011 – to lower expenses, maintain asset quality, improve returns through entering new markets, and cement KFH’s share in its subsidiaries. Along the way KFH has grown in retail and made a priority of taking part in government projects involving the private sector. It has also increased its capital to finance expansion plans.
KFH was always big and today has 295 branches worldwide. But it also has started to reappear on some noteworthy deals. Examples last year included $500 million of ijarah facilities for Sharjah Electricity and Water Authority to fund infrastructure projects, a financing for Bahrain’s Foulath Holding Company, a $1.5