Kuwait Finance House (KFH), a global pioneer in Islamic banking services, has reported a KD95.2 million ($314 million) net profit for the first half of the year, up 16.6 per cent compared to KD81.64 million ($269 million) for the same period last year.

Announcing the results for the six-month period, KFH said the total financing income surged to KD424.14 million, thus posting a 22.2 per cent jump over the same period last year. Net financing income for H1 this year reached KD278 million i.e. a growth of 31.8 per cent compared to the same period last year.

Total operating income for the first half rose to KD389.87 million, up 13.6 per cent over last year while the net operating income soared to KD235.8 million, i.e. a growth of 17.7 per cent compared to the same period last year.

The cost to income ratio decreased to 39.5 per cent for the first half of 2018, compared to 41.6 per cent for the same period last year.

Earnings per share for the period reached 15.23 fils, compared to 13.06 fils for the same period last year thus registering an increase of 16.6 per cent, said the statement from KFH.

Total assets for H1 this year reached KD17.624 billion ie a growth of 1.5 per cent compared to last year end, it added.

On the solid performance, Chairman Hamad Abdulmohsen Al Marzouq said: "The positive financial results and the stable and sustainable growth confirm the success of KFH’s strategy of the development of current customer base, innovation based on the new digital financial technology (fintech) and achievement of operational excellence, while achieving harmony among its group banks to ensure sustainable growth, enhanced risk policies and adherence to regulations."

"KFH is moving forward towards achieving rewarding returns for shareholders and investors and continuing the upward trend in profits despite the competitive environment and the economic challenges," remarked Al Marzouq.

"We have been successful in focusing on core banking business and divesting non-strategic investments to improve asset quality while delivering superior innovation and customer service excellence in an attempt to achieve its vision of leading the international development of Islamic financial services, and becoming the most trusted and sustainably most profitable Sharia-compliant bank in the world," he added.-TradeArabia News Service