Al-Rushood: KFH’s historic profits boost competitiveness of national economy

Al-Rushood: KFH’s historic profits boost competitiveness of national economy

KUWAIT: In an interview with CNBC Arabia TV, Acting Group Chief Executive Officer at Kuwait Finance House (KFH), Abdulwahab Iesa Al-Rushood stressed KFH’s continuous improvement in the Group’s performance significantly during the first half of 2023, in which the net profit increased by over 141 percent reaching KD 333.4 million compared to the same period last year, the highest-ever quarterly profits recorded in its history and the biggest in Kuwait banking sector.

Al-Rushood added that the record profits enhance its local and global standing, supports its financial strength and creditworthiness while enabling the Bank to assist companies and lead mega financing deals, as well as positively contribute to raising the performance of Kuwait banking sector in general and promote competitiveness of national economy. He indicated that Earnings per share for the first half of 2023 reached over 22 fils; an increase of 73 percent compared to the same period last year, while Net financing income for H1 23 reached KD 458.5 million; an increase of 43.2 percent compared to the same period last year.

Net operating income for H1 23 reached KD 489.1 million; an increase of 58.6 percent compared to the same period last year. He explained that the capital adequacy