Kuwait Finance House Bahrain announces outstanding Q3 results

The total income for the period ended September 2008 grew to BD66.6m from BD44.7m reflecting a strong growth of 49 %.

At the end of September 2008, Total Assets increased by 71%, standing at BD1.254bn compared to BD735.3m at the end of last year. Deposits from Unrestricted Investment Accounts grew by 474% to BD304.5m, compared to BD53.1m at the end of last year. Total Equity reached BD351.3m at the end of the period, with an increase of 114% compared to end of December 2007 when it was BD164.3m.

Commenting on the results, Mr. Abdulhakeem Alkhayyat, CEO and Managing Director of KFH-Bahrain said:

"These results reflect the continued success of our vision, strategic planning and robust execution of our business plans. We continue to set benchmarks on all fronts whether it is returns for our depositors, investors and shareholders, service excellence, our branch expansion or the working environment for our dynamic team. Even though we remain very cautious on the performance of global, regional and local capital markets, Kuwait Finance House Bahrain is still one of the highest profit distributors on customers' various investment accounts despite the adverse developments in the global financial markets. With our customers' ongoing patronage, I anticipate we will achieve a record breaking end of year results, Insha Allah."

During the 3rd quarter of 2008 the Bank continued to launch innovative products and services, including excellent returns on investment accounts, the opening of several new branches among other initiatives.

From an investment perspective, KFH-Bahrain successfully launched Diyar Al Muharraq, which is considered to be one the largest real estate development projects targeting middle and low income categories in the Kingdom of Bahrain. The Bank also announced a 100% increase in capital, to support its growth and expansion plans.