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KFH-Turkey post TL 300 mln profit in 2013 Total asset rise 37% to TL 25.9 billion

KUWAIT CITY, Feb 21: Kuwait Finance House (KFH) CEO and Chairman of KFH-Turkey Mohammed Al-Omar announced that the KFH-Turkey achieved profits in 2013 that reached TL 300 million, while total assets reached TL 25.9 billion with a 37% increase.
Al-Omar noted in a press conference that the good financial indicators achieved by the bank reflect growth in numerous fields, such as an increase in client deposits by 32% to reach TL 16.6 billion, while collected funds increased by 34% to reach TL 17.3 billion. He stressed that those results underscore plans that have been set as a result of the development and restructuring plan that the bank has executed. He added that the results shed light on the bank’s strategy that aims to boost economic development between Turkey and its neighboring countries on the one hand, and Kuwait and the GCC on the other; while expanding in Turkey and overseas.

Moreover, Al-Omar revealed that KFH-Turkey is planning to open an Islamic bank in Germany, in an attempt to further expand the role played by the bank’s existing branch in Manheim, Germany. He went on to say that the bank has been working in numerous markets in neighboring countries, not to mention developing partnerships and cooperation with many commercial and economic authorities in Turkey. He stated that the bank has also offered clients new products, such as the gold and silver accounts, in addition to opening 47 branches last year, which makes the total number of branches of KFH-Turkey in Turkey and overseas reach 267 branches.

Meanwhile, KFH-Turkey CEO Ufuk Uyan asserted that the bank has benefitted the Turkish economy through its initiatives that include Sukuk that served as a financing tool for companies and the government. He said that the bank plans to offer Sukuk in Ringgit and US dollar in Malaysia in an unprecedented step among Islamic banks.
Furthermore, Uyan explained that the bank managed to offer numerous alternatives which have been introduced as a reflection of customer-oriented banking services, such as gold and silver accounts, XTM machines that offer branches’ services, and ATM machines that reached 50. He noted that those machines serve as digital branch offices. He went on to say that the bank will continue to serve small and medium companies that drive the Turkish economy. Uyan revealed that the bank plans to increase its assets to reach TL 30 billion in 2014, and for its branches to reach 320 branches in Turkey and overseas. 


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