MANAMA, 8 March 2005 — Net profits of Kuwait Finance House (Bahrain) rose in 2004 by 250 percent to $30 million compared to 2003, representing a 25 percent return on average equity for 2004, it was announced here yesterday.
The bank also witnessed a 75 percent increase in total assets, which grew to $465 million in 2004 from $267.8 million at the year-end 2003. Total operating income for the year also grew substantially rising by 160 percent to $52 million versus $20 million in 2003.
Commenting on the year’s strong financial results, Bader Abdul Muhsen Al-Mukhaizeem, chairman of KFH, Bahrain, said, “We continue to be extremely pleased with the financial and operating performance of the bank as reflected by our record results and the strong growth in profitability and assets recorded for the year.”
Abdulhakeem Alkhayyat, general manager of KFH, said, “2004 was a year of great progress at KFH, Bahrain.”