Kuwait Finance House profit up 42%

Kuwait Finance House (KFH), the Gulf's second largest Islamic lender by market value, posted a 42% increase of first-quarter profit.

The bank said in a statement it earned 114.63 million dinars ($396.4 million) after a total profit of 80.51 million dinars in the same quarter a year ago.

In a Reuters survey last month, analysts at Global Investment House expected net profit of 45.04 million dinars.

Assets rose to 6.837 billion dinars, an increase of 38% over the same period last year.

KFH, in which the Kuwaiti government has a 49% stake, operates under Islamic law, which bars the receipt of interest, which Islam considers as usury. The lender makes money by sharing profit from approved investments.

The 30-year old lender has been expanding abroad as it faces increasing competition at home.

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