KUWAIT: Kuwait Finance House (KFH), the country’s biggest Islamic lender, reported a 13 percent rise in first quarter net profit yesterday, missing analyst estimates.
Net profit rose to KD26.06m ($92.54m) in the first three months of 2014 from KD23m in the same period a year ago, the lender said in a statement. Revenues were 1 percent higher at KD224.4m.
Analysts had estimated an average net profit of KD32.76m for the quarter. KFH’s net profit more than doubled in the last quarter of 2013.
In the statement, Chairman Hamad Al Marzouq referred to a recent visit of Turkish President Abdullah Gul to Kuwait and said KFH wanted to expand in Turkey and adjacent countries’ markets, without giving details. The Kuwaiti company is already operating in the country through its unit KFH Turkey.
KFH’s total assets were KD17.3bn at the end of the first quarter, an increase of 16 percent compared to the same time last year while deposits rose 7 percent to KD636m, the bank said.
Shares in the company closed at 0.85 dinars on Thursday on the Kuwaiti stock market, which reopens today. Reuters
