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Kuwaiti Bank KFH Q2 Net Profit Rises 6.4%, Misses Estimates

Kuwaiti Bank KFH Q2 Net Profit Rises 6.4%, Misses Estimates

Net profit rose to KD28.51 million ($101 million) in the three months to June 30 from KD26.8 million in the same period a year ago.

Kuwait Finance House (KFH), the country’s biggest Islamic lender, reported a 6.4 per cent rise in second-quarter net profit on Monday, slightly below analysts’ estimates.

Net profit rose to KD28.51 million ($101 million) in the three months to June 30 from KD26.8 million in the same period a year ago, according to Reuters calculations.

That compared with the analysts’ average forecast of KD29.2 million in a Reuters poll.

KFH didn’t give a quarterly breakdown so Reuters calculated the figure based on financial statements.

The firm’s first-half net profit was KD54.57 million, up 10 per cent year-on-year, it said in a statement.

Total assets gained 11 per cent year-on-year to stand at KD16.7 billion on June 30, while deposits rose four per cent over the same timeframe to KD10.7 billion.

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