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Mon 18 Jul 2011 11:31 AM

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Kuwait Finance House sees Q2 profit plunge 43%

Gulf state's biggest Islamic lender sees net profit at KD22.8m

Kuwait Finance House sees Q2 profit plunge 43%

Kuwait Finance House (KFH), the country's biggest Islamic lender, reported a 43 percent fall in the second-quarter net profit, missing analysts’ forecasts for the fourth consecutive quarter.

Net profit in the three months to June 30 came in at KD22.8m ($83.2m), compared with KD39.9m in the same period last year, KFH said in a statement on the Kuwaiti bourse website on Monday.

Two analysts polled by Reuters expected the company to earn net profit of KD29.1m and KD29.8m for the second quarter.

Net income in the first half of the year was KD45.5m, the statement added. It did not provide a reason for the profit decline.

Goldman Sachs began coverage of KFH in May with a "neutral" rating saying valuations were already reflecting likely surge in loan growth aided by government spending.

The bank's shares were down 3.1 percent on the Kuwait bourse at 0635 GMT after the results were released.

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