Kuwait Finance House 3rd quarter net profit dropped 9.7%

24/10/2014 08:25 AST

Kuwait Finance House, the emirate’s leading Islamic bank, said yesterday third-quarter net profit dropped 9.7% as a result of an ongoing restructuring process.

KFH posted net income $123.3mn (€97.1mn), down from $136.4mn a year earlier.

However, nine-month profit rose 1.1% from $309.4mn to $312.8mn.

“The achieved results come amid major changes taking place in the bank which will have a positive effect” in the future, chairman Hamad al-Marzouk said. Total assets at the end of September stood at $59.4bn and shareholders’ equity at $6.1bn.

Established in 1977, KFH operates in the Gulf, Asia, Australia and Europe through 375 branches.


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