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3 months ago
Kuwait Finance House Q1 profit up 13.2 pct as investment income surges
April 25, 2017 / 7:01 AM / 3 months ago

Kuwait Finance House Q1 profit up 13.2 pct as investment income surges

1 Min Read

DUBAI, April 25 (Reuters) - Kuwait Finance House posted a 13 percent rise in first quarter profit from a year earlier, due to a surge in investment income, as well as higher fee and commisison income.

Net profit for the three months to March 31 was 38.6 million dinars ($126.91 million), versus 34.1 million dinars a year ago.

EFG Hermes had projected a net profit of 37.56 dinars.

KFH, considered a pioneer in Islamic banking, has benefited from strong capital market activity.

Kuwaiti stocks have rallied by nearly a fifth this year as the economy has withstood the fall in oil prices better than its other Gulf peers. ($1 = 0.3042 Kuwaiti dinars) (Reporting by Saeed Azhar; Editing by Tom Arnold)

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