The Middle East’s 25 smartest banks-Kuwait Finance House
, the country's biggest Islamic lender, posted a 46 percent decline in third quarter net profit this year, compared with the same period a year ago.
However, it did register a five percent increase in net profit for the third quarter when compared to the second quarter, while assets increased by five percent to reach more than KD11bn ($38.6bn), and deposits increased by eleven percent to reach KD7bn ($24.5bn). Such figures show the trust clients have in
, and suggest that the growth and profit rates are improving.
has made significant strides in its expansion strategy, launching operations in Saudi Arabia and Germany, and cementing business across East Asia, China, and India through KFH-Malaysia.
Meanwhile, CI has reasserted
Kuwait Finance House (KFH)
long-term credit rating at ‘A+' and short-term at ‘A1' - a clear sign from a reputable rating agency that
is solid and stable and has ability to grow in the wake of the global crisis.
The agency's report mentioned that
is one of the most prominent and advanced Islamic institutions in Kuwait and the world, which is evident by the large market share that it dominates in terms of credit, deposits and assets.
Moreover, the agency said that as a result of the sufficient liquidity that
possesses and in light of its rapid global expansion - and in spite of facing fierce competition from other prestigious Islamic institutions -
is fully capable of maintaining its leadership in the near future.
The report also highlighted
's strategic importance in the Kuwaiti banking sector and the availability of governmental guarantees for the deposits made in Kuwaiti banks.