Al-Omar stated during a press release that such positive financial indicators reflect growth in numerous fields; especially that client deposits increased by 6% to reach TL12.7bn, while equity increased by 2% to reach TL1.7bn. Revenues increased by 6.5% to reach TL13.6bn.
He asserted that the results go parallel with the set plan and targeted shares, and are considered to be a result of the restructuring plan that the bank has been executing.
He added that the results also underline the development between Turkey and its neighboring countries on the one hand, and between Kuwait and other GCC countries and Turkey on the other.
Moreover, Al-Omar explained that the His Highness the Amir's visit to Turkey will boost relationships between the two countries to reach new horizons, and highlighted the fact that the inauguration of KFH-Turkey's 229th branch in Ankara by Kuwaiti Minister of Finance Mostafa Al-Shamali and his Turkish counterpart, underlines the bank as a successful model of cooperation among the private sectors between the two countries.
He added that KFH-Turkey plans to open a full-fledged Islamic branch in Germany to reinforce the role shouldered by its existing branch in Manheim.
Al-Omar also praised the gold and silver accounts for being highly demanded in Turkey, in addition to other services and products offered by the bank.
Meanwhile, KFH-Turkey's CEO Ufuk Iwan stressed that the bank continued to acquire high quality assets and enter low-risk investments with high returns.
He added that the bank has also managed to increase to deposits of clients, expanded its efforts in managing wealth and assets, and boosted revenues.
He noted that the bank seeks to reach the highest number of small and medium companies, in order to increase its market share in the retail sector, which will allow it to become one of the top 10 banks in Turkey.
Furthermore, Iwan revealed that the bank took part in the real estate expo that has been held in Kuwait recently, in order to cement its relationship with KFH clients, especially that the expo included many Turkish real estate companies. In addition, the bank communicates with clients in Turkey during their visits, where it managed to offer them services last summer.
He noted that services that allow clients to seek real estate financing to own residential flats in Turkey are still available and are highly demanded by many Kuwaitis.
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KFH-Turkey's Q1 2013 profits TL51m, assets reached TL19.7bn
- Kuwait: Sunday, May 12 - 2013 at 16:30
- PRESS RELEASE
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Kuwait Finance House CEO and KFH-Turkey Chairman Mohammed Al-Omar announced that KFH-Turkey has achieved profit during Q1 of 2013 that reached TL51m, and assets reached TL19.7bn with a 4% increase. Funding offered by the bank grew by 6% to reach TL12.6bn, while capital adequacy ratio reached 14%.
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Posted by Siba Sami AmmariSunday, May 12 - 2013 at 16:30 UAE local time (GMT+4)
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