Kuwait Finance House net profit rises 21.6pc
DUBAI, October 23, 2015
Kuwait Finance House (KFH), the country's biggest Islamic lender, reported a 21.6 per cent rise in third-quarter net profit on Thursday.
Profit climbed to KD43.4 million ($143.78 million) in the three months to the end of September from KD35.7 million in the same period a year ago, Reuters calculated. The bank did not provide a quarterly results breakdown in a nine-month earnings statement.
Two analysts polled by Reuters had forecast the firm would make a quarterly profit of KD33.5-41.0 million.
KFH made a net profit of KD105.7 million in the first nine months of 2015, up 17.3 per cent on the corresponding period of last year, it said.
The lender has ruled out a sale or merger for its Malaysian unit, chief executive Mazin Al-Nahedh told Reuters in September. Instead, the bank will begin restructuring the unit with immediate effect, he said.
However, in August the bank said it planned to shed its stake in education investment company Nafais Holding.
Both moves are part of a restructuring by the bank ahead of a planned divestment by its largest shareholder, the Kuwait Investment Authority. - Reuters
