Mubasher: Kuwait Finance House’s (KFH) financing income grew 8.6% year-on-year to KWD 460.5 million ($1.51 billion) during the first six months of 2019, CEO, Mazin Saad Al-Nahedh, stated on Tuesday.

The contribution of the company’s subsidiaries in the net operating income reached 43.2% in H1-19, according to a statement.

“KFH`s total exiting deals reached KWD 42.4 million in H1-2019, achieving KWD 11.3 million profits, compared to KWD 2.8 million in H1-2018. Avoiding capital consumption and to be in line with sustainable profits, KFH`s strategy focuses on exiting from non-strategic investments.” AlNahedh said.

KFH’s non-performing financings decreased to 1.90%, as per the CBK’s accounting principles, from 1.99% at the end of 2018.

Total provisions and impairment charge hit KWD 100 million, including Financing, investment and other provisions, while total provisions registered KWD 636.9 million from January 2019 to the end of June.

“Total assets increased by 5.5% compared to the end of last year to reach KWD 18.747 billion, an increase of KWD 976.8 million at the end of H1 this year. Depositors' accounts reached KWD 12.837 billion, an increase of KWD 1.057 billion or 9% compared to the end of last year,” KFH revealed.

KFH achieved an increase of 9.4% in profits during the second quarter of 2019 compared to the same period a year ago, recording KWD 56.07 million ($184.7 million).