(MENAFN - Kuwait News Agency (KUNA)) Kuwait Finance House (KFH) Turkey subsidiary has posted 195 million lira in net profits for 2011, up 22 percent compared with that of 2010, Chief Executive Officer of KFH-Kuwait Mohammad Suleiman Al-Omar announced Saturday.
In a press statement following the general assembly meeting, Al-Omar said the bank assets grew by 54 percent while deposits increased by 8 percent in 2011 vis-@-vis a year earlier.
He added that the revenues also inclined by 17 percent in the reporting period.
The general assembly has approved a recommendation to distribute 16 percent bonus to shareholders.
Al-Omar said the KFH-Turkey has made great strides in 2011 and its seeks to strengthen its position on the Turkish and other European markets.
He added that the KFH-Turkey is the first Islamic bank in Turkey and Europe, it has issued Sukuk worth USD 350 million within two consecutive deals.
Meanwhile, KFH-Turkey's CEO Ufuk Iwan revealed that the bank was established in 1989 and KFH owns 62.5 percent of the bank's share.
In Turkey, the bank is considered to be one of the biggest Islamic banks in Turkey and is planning to increase its market share from 5 percent to reach 10 percent. The bank also has 182 branches in Turkey and according to the budget of 2011; it has increased assets, shareholders' equity and profit to range from 25-54 percent.