KUWAIT CITY, Aug 11: Kuwait Finance House- Turkey (KFH-Turkey) has closed the first half of 2016 with a net profit to TL 256 million with an increase by 24.4 percent compared to the same period last year. KFH-Turkey’s total assets have reached 44.1 billion increasing by 4.9 percent and its shareholders equity has reached 3.7 billion TL increasing by 8 percent as compared to the figures as of the end of 2015. Its collected funds have reached 28.9 billion TL increasing by 2.6 percent and the funds made available by the Bank have reached 28.9 billion TL increasing by 6.8 percent in the same period. Stating that they have been pleased with the results in the first half of the year, Ufuk Uyan, the CEO of KFHTurkey said “Enjoying a stable growth for 27 years, our bank maintained its leading position in the sector with its outperforming results.
This is the most striking indicator of the confidence we have established with our clients. This year too, with the “real banking” approach, we continue our efforts to offer best suiting financial solutions to our clients and to serve them in the best way possible. Adding 30 new branch offices of our network throughout 2016 which made us the most widespread bank, we are aiming at becoming one of the top three banks opening the highest number of branch offices in the banking sector.
The year 2016 will be marked as a year during which we have been developing innovative products and services in an effort to offer the best possible support in the commercial activities of our SME clients. We are also diversifying the products and services including leasing, transaction banking and foreign trade.”
KFH-Turkey has ranked the first among the participation banks and 19th taxpayer in top 100 list of Turkey with a declared tax of 159 million 650 thousand TL for 2015 taxation period. Making considerable contributions to Turkish economy with its “Sound Banking” model, the bank has declared an annual tax of 159 million 650 thousand 48 liras thus ranking the first bank in participation banking and left behind the major banks in the conventional banking market by declaring the highest amount of tax. Stressing that they served for the economy and future of Turkey for supporting its development process, Uyan said, “Building financial bridges between Turkey and the rest of the world, KFHTurkey is one of the strongest players of the finance sector in Turkey in terms of the capital adequacy ratio.
Our bank is always giving a back to the real sector players by supporting the individual and corporate investors with its direct financing support or joint ventures in line with its participation banking principle. With its 5.363 employees and the network of 376 branch offices, KFH-Turkey is accessible from any location in Turkey”. With the opening of 20 branch offices in 2016, KFH-Turkey has been ranked as the bank opening highest number of branch offices among the banks.
Continuing its investments without any hesitation during 2016, the bank continued deploying the participation banking in different places in Turkey. Uyan said “With our reliance in Turkish economy and our leading position in Turkish participation banking market, we have been ranked as the bank making the biggest investment in branch offices in both participation banking and general banking sectors”.