July 16, 2017 / 11:40 AM / a year ago

Kuwait Finance House Q2 net profit up 17.1 pct, in line with expectations

DUBAI, July 16 (Reuters) - Kuwait Finance House (KFH), the country’s biggest Islamic lender, reported a 17.1 percent rise in second-quarter net profit according to Reuters’ calculations, in line with analysts’ expectations

Net profit rose to 43.1 million dinars ($142.2 million) in the three months to June 30, from 36.8 million dinars in the same period a year ago, Reuters calculated from the six month results released on Sunday, in the absence of a quarterly breakdown.

EFG Hermes forecast the lender would make a quarterly net profit of 39.3 million dinars, while Arqaam Capital forecast a net profit of 46.0 million dinars.

The bank, which owns 62.2 percent of Turkey’s Kuveyt Turk Participation Bank, is undergoing a restructuring of some of its units ahead of a planned divestment by its largest shareholder, the Kuwait Investment Authority.

For the first half of 2017, the bank reported a net profit of 81.6 million dinars, compared to 70.9 million dinars in the same period of 2016.

The bank’s first half performance was boosted by a 78.3 percent rise in investment income and a 2.7 percent climb in net finance income.

KFH is the second major Kuwaiti bank to report its second quarter results after National Bank of Kuwait, the Gulf Arab state’s largest commercial lender, which made a net profit of 79.3 million dinars in the three months to June 30, compared to 71.7 million dinars a year earlier, according to Reuters calculations. ($1 = 0.3029 Kuwaiti dinars) (Reporting By Tom Arnold; Editing by Saeed Azhar)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below