Arab Finance: The Kuwait Finance House Group announced that in the context of its full acquisition of the United National Bank Group – Bahrain, the brand of the United National Bank – Egypt has been changed to the “Kuwait Finance House -AKFH” Egypt, and the bank is completely transformed into a bank compatible with the provisions of Islamic Sharia, to be One of the Kuwait Finance House units currently operating in 12 countries around the world.
This change comes after the Kuwait Finance Group acquired “KFH” on the United National United Bank group – Bahrain in 2022, and to turn it into a bank compatible with the provisions of Islamic Sharia in December 2023, with the completion of its integration with the United National Bank – Kuwait in February 2024.
The Kuwait Finance Group – KFH, is the second largest Islamic bank in the world in terms of assets, to exceed 36.2 billion Kuwaiti dinars at the end of the third quarter of 2024, and the group operates in 12 countries through an international business network that includes about 680 banking branches and about 2300 automatic ATMs About 18 thousand employees.
Hamad Abdel Mohsen Al-Marzouq, Chairman of the Board of Directors of the Kuwait Finance House Group, said that the presence in the Arab Republic of Egypt to announce the launch of a new stage in Islamic banking through the launch of the new visual identity of the United National Bank- Egypt to start from today the Kuwait Finance House Bank- Egypt KFH An important step that would constitute a real addition to Islamic banking services in Egypt and a strong tributary of the tributaries of the local economy within the Egyptian banking sector.
It is worth noting that the Kuwait Finance House- Egypt KFH (the United Nations United Bank- Egypt) achieved a net profit of 5.5 billion pounds by the end of 2024, at a growth rate of 65% from the previous year.
The financial center list revealed the growth of total assets at a rate of 29% to record 144 billion pounds at the end of 2024, which is reflected in a strong capitalist base, high liquidity rates and the quality of assets, and the net income from the return increased by 52.4%, recording 7.6 billion pounds in the year 2024, while a net recorded Income from fees and commissions is 999 million pounds.
Customer deposits recorded a growth of 30% to 117 billion pounds at the end of 2024, and the total financing portfolio increased to record 85.3 billion pounds, with a growth rate of 26%, and the bank owns a network of branches currently reaching about 44 branches.
Related news
