KFH achieves 4.1 percent surge in second quarter profit, robust performance in H1
Date
7/23/2024 7:41:49 AM
(MENAFN) Kuwait Finance House (KFH) announced a 4.1 percent rise in its net profits for the second quarter of this year, reaching 178.333 million dinars (approximately USD583.42 million), up from 171.293 million dinars in the same period last year. This positive performance continues the bank’s upward trend, as evidenced by its financial results for the first half of the year. KFH reported a total net profit of 341.178 million dinars for the first six months of 2024, an increase of 2.3 percent compared to 333.39 million dinars during the same timeframe in 2023.
The bank’s statement to the Kuwait Stock Exchange highlighted that the increase in profits was primarily driven by higher revenues from its core business activities. KFH also noted a substantial growth in its total operating income, which surged by 12.1 percent during the first half of the year. This improvement includes a significant rise in net financing income, which increased by 21.9 percent. These results underscore the bank's strong financial health and its successful strategy in boosting revenue and profitability through its main operations.
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