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Mon 9 Feb 2015 11:42 AM

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Kuwait Finance House Q4 net profit climbs 35.8%

Gulf State's largest sharia-compliant bank by assets made a net profit for the quarter of $123.2m

Kuwait Finance House Q4 net profit climbs 35.8%

Kuwait Finance House (KFH), the Gulf State's largest sharia-compliant bank by assets, reported a 35.8 percent jump in fourth-quarter net profit on Monday, according to Reuters calculations.

Kuwaiti banks have had firm to strong earnings in the quarter, with National Bank of Kuwait and Gulf Bank recording profit increases of 46.4 percent and 10.7 percent respectively.

KFH's net profit for the three months to the end of December was 36.4 million dinars ($123.2 million), compared to 26.8 million dinars in the year-earlier period.

Reuters calculated the fourth-quarter figure based on the bank's financial statements as KFH didn't provide a quarterly breakdown.

KFH beat Global Investment House's forecast of 24.7 million dinars but fell short of EFG Hermes' projection of 39.47 million dinars.

Net profit for 2014 was 126.5 million dinars, up 9.1 percent from the previous year, a statement from the bank said late on Sunday.

The bank's statement added its board proposed a cash dividend of 15 percent and a 10 percent stock dividend for 2014. This compares with a 13 percent payout of both cash and shares in 2013.

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