Kuwait Corporate Fact Sheet

Kuwait Finance House Fact Sheet
Banking Sector
KAMCO Research
Reuters Code: KFIN.KW
Key Facts
Current Price (KD) :
June 22, 2008
2.960
KD '000 2003 2004 2005 2006 2007
Cash & Balances with Banks & F.I. 129,208 146,161 158,293 231,996 553,565
Receivables & Murabaha 1,826,863 1,865,617 2,768,194 3,828,765 5,055,422
Leased Assets 287,990 505,550 603,333 647,939 930,657
Investments 675,472 798,794 931,914 1,091,775 1,611,090
Other Assets 121,577 141,944 219,384 513,316 647,182
Total Assets 3,041,110 3,458,066 4,681,118 6,313,791 8,797,916
Customer Deposits 2,300,161 2,563,185 3,189,344 3,729,930 5,361,155
Deposits from Banks & F.I. 63,676 121,821 281,617 1,080,004 1,186,391
Other Liabilities 169,864 204,807 220,795 289,325 380,853
Total Liabilities 2,533,701 2,889,813 3,691,756 5,099,259 6,928,399
Deferred Revenues 182,410 189,002 235,239 299,263 374,608
Minority Interest 20,637 21,633 80,420 137,443 196,094
Fair Value & FX Reserves 19,776 31,680 73,493 75,337 88,815
Shareholders' Equity 284,586 325,938 600,210 702,489 1,210,000
Interest Income 106,917 133,463 196,739 327,523 466,893
Interest Expense (59,833) (71,476) (122,591) (176,362) (242,528)
Net Interest Income 47,084 61,987 74,148 151,161 224,365
Non-interest Income 56,440 70,143 193,381 251,464 364,255
Operating Expenses (36,755) (38,985) (97,415) (176,927) (215,568)
Total Provisions (4,132) (13,664) (37,047) (27,180) (38,179)
Operating Profit 62,637 79,481 133,067 198,518 334,873
Other Expenses (4,477) (5,069) (14,380) (36,514) (59,607)
Net Profit 58,160 74,412 118,687 162,004 275,266
Key Ratios
2003 2004 2005 2006 2007
Return On Average Assets 2.1% 2.3% 2.9% 2.9% 3.6%
Return On Average Equity 21.3% 24.4% 25.6% 24.9% 28.8%
Net Interest Margin 2.2% 2.6% 2.5% 3.7% 4.0%
Cost / Income Ratio 35.5% 29.5% 36.4% 43.9% 36.6%
Interest on Average Earning Assets 5.0% 5.6% 6.5% 8.0% 8.3%
Funding Cost 2.7% 2.8% 4.0% 4.3% 4.3%
Net Loans / Customer Deposits 91.9% 92.5% 105.7% 120.0% 111.7%
Historical Share Data
2004 2005 2006 2007 22-Jun-08
Market Capitalization (KD thousand) 1,281,506 2,603,649 2,671,032 4,940,182 6,092,894
Closing Share Price (KD) 1.640 2.380 2.180 2.880 2.960
Highest Price for the Period (KD) 1.780 2.600 2.640 3.080 4.000
Lowest Price for the Period (KD) 1.200 1.340 1.800 1.880 2.720
Volume (Shares thousand) 169,585 267,136 188,110 499,344 244,959
Value (KD thousand) 256,216 500,664 403,091 1,276,983 783,385
Trades 9,628 17,001 14,892 33,398 17,927
EPS (KD) 0.087 0.107 0.102 0.166 0.166
Book Value Per Share (KD) 0.418 0.549 0.574 0.705 0.705
Dividend Per Share (KD) 0.050 0.055 0.057 0.065 NA
Price to Earnings Multiple (X) #
34.16 27.60 28.90 17.81 17.81
Price to Book Value Multiple (X) #
7.09 5.39 5.16 4.20 4.20
Dividend Yield (%) #
YTD
1.69 1.86 1.93 2.20 2.20
KD
4.100
3.900
3.700
3.500
3.300
3.100
2.900
2.700
2.500
52-Week Price Chart Rel. to KAMCO TRW Index
KFH KAMCO TRW Index
24.6.07
8.7.07
22.7.07
5.8.07
19.8.07
2.9.07
16.9.07
30.9.07
14.10.07
28.10.07
11.11.07
25.11.07
9.12.07
23.12.07
6.1.08
20.1.08
3.2.08
17.2.08
2.3.08
16.3.08
30.3.08
13.4.08
27.4.08
11.5.08
25.5.08
8.6.08
22.6.08
Index
4,800
4,700
4,600
4,500
4,400
4,300
4,200
4,100
4,000
NA: Not Applicable, NM: Not Meaningful
#
: Historical P/E, P/B & Yield are based on
current price & historical earning per share,
book value per share & dividend per share
Investment Research Department
KIPCO Asset Management Co. K.S.C.C (KAMCO)
P.O.Box: 28873 Safat 13149 Kuwait
Email : kamco_research@kamconline.com