KFH client settles $297m debt
Kuwait, July 1, 2013
Kuwait Finance House, the Gulf Arab state's largest Islamic lender, said on Monday that a customer had settled $296.6 million of debt owed to the bank and that the impact of the receipt would be reflected in its second-quarter results.
The customer had owed 32.6 million dinars ($114.3 million) to KFH and 51 million dinars to subsidiaries, the bank said in a statement to the stock exchange.
It did not give any details about the debtor, or say whether the customer was a corporate entity or an individual. KFH is expected to release second-quarter earnings in August. – Reuters
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