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Thu 28 Jan 2016 01:52 PM

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Kuwait's biggest Islamic lender posts 10% rise in Q4 net profit

Kuwait Finance House says it made net profit of more than $132m in the three months to Dec 31

Kuwait's biggest Islamic lender posts 10% rise in Q4 net profit

Kuwait Finance House (KFH), the country's biggest Islamic lender, on Thursday reported a 10 percent rise in fourth-quarter net profit.

Net profit rose to 40.1 million dinars ($132.2 million) in the three months to the end of December from 36.4 million dinars in the same period a year ago, the lender said in a statement.

A HSBC analyst forecast the firm to make a quarterly net profit of 45 million dinars.

For the full year, the bank reported a net profit of 145.8 million dinars, compared to 126.5 million dinars in 2014, according to a statement.

The lender ruled out a sale or merger for its Malaysian unit, chief executive Mazin al-Nahedh told Reuters in September. Instead, the bank will begin restructuring the unit with immediate effect, he said.

However, in August the bank said it planned to shed its stake in education investment company Nafais Holding.

Both moves are part of a restructuring by the bank ahead of a planned divestment by its largest shareholder, the Kuwait Investment Authority.

The bank's statement added its board proposed a cash dividend of 17 fils per share and a 10 percent stock dividend for 2015. This compares with a cash dividend of 15 fils per share and a 10 percent stock dividend for 2014.

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