Mubasher: Kuwait Finance House’s (KFH) sustainable profits accounted for 97% of the total profits recorded in 2019, compared to 92% in 2018, the group’s CEO Mazin Al-Nahedh said.

The bank’s total provisions amounted to KWD 647.6 million at the end of 2019, Al-Nahedh added in a statement on Tuesday.

In addition, financing income increased by 8.1% year-on-year to KWD 931.6 million, while operating income went up by 9.2% to KWD 814.4 million, he pointed out.

Meanwhile, general and administrative expenses increased by 3.2% year-on-year in 2019, while cost-to-income ratio fell to 37.36%.

Al-Nahedh further revealed that contribution of KFH’s subsidiaries to the net operating income stood at 44%, mainly from KFH Turkey with a 37.1% contribution.

The bank’s non-performing debts declined to 1.88% in 2019, compared to 1.99% in the previous year.

The coverage ratio of provisions for non-performing debts registered 329% for KFH Kuwait and 231% for the group at the end of last year.

Over the course of 2019, KFH achieved a net profit of KWD 251.02 million, rising by 10.4% year-on-year from KWD 227.41 million.