Kuwait Finance House Q1 profit up 14pc

21/04/2016 05:59 AST

Kuwait Finance House (KFH) reported a 14 per cent rise in first-quarter net profit according to a statement on Wednesday, as the country's biggest Islamic lender set aside less cash for bad loans and recorded lower expenses.

Net profit rose to KD34.1 million ($113.2 million) in the three months to the end of March, from KD29.9 million in the same period a year ago, the statement said.

EFG Hermes forecast the lender would make a quarterly net profit of KD35.44 million. The results were boosted by an 8 per cent drop in provisions and impairments and a 6 per cent decline in total expenses. The bank didn't quantify how much each was worth.

This helped offset a 6 per cent drop in net financing income during the period to KD160.7 million, and investment income slipping 48 per cent year on year to KD8.4 million.

KFH was studying the issuance of Islamic bonds that would boost its Tier 1 capital or its supplementary Tier 2 capital, chief executive Mazen al-Nahedh told Arabiya TV in January.

Several Gulf banks have been looking to raise their capital reserves this year but many are hoping for an easing of stock and bond market volatility before doing so.

The bank, which owns 62.2 per cent 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.


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