KFH Turkey posts net profit of 250 mln TL, up 28 pct y/y Bank’s assets, deposits and funds increase between 25% to 30%

KUWAIT CITY, March 2: Kuwait Finance House “KFH” CEO and “KFH-Turkey” Chairman Mohammed Sulaiman Al-Omar said that “KFH-Turkey” maintained its rapid growth in 2012 and increased its profits to 250 million Turkish lira, 28 percent increase compared to 2011, KFH Turkey increased its assets by 27 percent to 19 billion Turkish lira and its loans by 14 percent to 12 billion Turkish lira and capital adequacy ratio stood at about 14 percent. Al-Omar stated that the positive financial indicators achieved by “KFH -Turkey” reflected growth in many areas like the growth of clients deposits that increased by 29 percent to reach 12.7 billion TL. He also stressed that the results achieved were in accordance with the plans, targeted shares, development projects and restructuring program implemented by the bank.

He went on to say that KFH-Turkey is planning to expand in Turkey and abroad to enhance the achievement of its strategy based on the contribution to the development of economic cooperation between Turkey and its neighboring countries on the one hand, and Kuwait and the GCC on the other hand. Moreover, Al-Omar noted that “KFH-Turkey” continued last year successes where it inaugurated 40 new branches ,recruited 600 new employees, in addition to applying for the German authorities to open a bank operating according to Sharia and provides integrated services, in a move aimed at expanding the role of the branch existing in the city of Mannheim German. The bank also targeted markets in the neighboring countries of Turkey and enhance cooperation and partnership relations with many economic and commercial activities, as well as presenting new products that achieved great success like gold and silver accounts.

Al-Omar assured that the success achieved in a sovereign Sukuk deal arranged for the Turkish government worth up to $1.5 billion between “KFH-Turkey” and Liquidity Management House, KFH subsidiary, this deal is considered as a model of what can be represented by Sukuk of an effective tool to provide funding for governments and companies. He highlighted that many countries are currently considering this model until it becomes one of the mechanisms adopted to provide the funding they need to expand and grow, as one of the alternatives and financing options that is highly popular in the global markets. Al-Omar praised the Bank’s strategy in strengthening the relations with its clients in Kuwait by communicating with them during their accommodation in Turkey, and providing them with services as during last summer, in addition to providing those who like to buy apartments in Turkey with real estate finance besides consulting and advising.

Meanwhile, KFH-Turkey Executive Manager Ufuk Uyan stated that they expect to increase the Bank’s assets by 30 percent in 2013 and added, “We want to increase the bank’s deposits also by 30 percent. We are planning to expand into asset and wealth management this year. We signed nearly 300,000 new retail clients last year. This year’s target is 400,000 new clients. We also want to reach more SMEs.”
Uyan stressed that KFH-Turkey targets to expand its market shares in retail services to achieve the strategic goal to be one of the 10 largest banks in the Turkish market. “

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