IslamicFinance.de

Kuwait Finance House (KFH) reported a 13 per cent rise in first quarter net profit which rose to 26.06 million dinars ($92.54 million) from 23.0 million dinars in the same period a year ago. Revenues were 1 per cent higher at 224.4 million dinars. Five analysts in a Reuters poll had estimated an average net profit of 32.76 million dinars for the quarter. KFH’s total assets were 17.3 billion dinars at the end of the first quarter, an increase of 16 percent compared to the same time last year while deposits rose 7 per cent to 636 million dinars. Shares in the company closed at 0.85 dinars on Thursday on the Kuwaiti stock market, which reopens on Sunday. Chairman Hamad al-Marzouq said KFH wanted to expand in Turkey and adjacent countries’ markets, without giving details.