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Tue 26 Jul 2016 02:41 PM

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Kuwait's biggest Islamic lender posts 13% rise in Q2 net profit

Kuwait Finance House says results were boosted by higher finance income during second quarter of 2016

Kuwait's biggest Islamic lender posts 13% rise in Q2 net profit

Kuwait Finance House (KFH), the country's biggest Islamic lender, reported a 13.3 percent rise in second-quarter net profit according to a statement on Tuesday, broadly in line with analysts' forecasts.

Net profit rose to 36.77 million dinars ($121.59 million) in the three months to the end of June, from 32.45 million dinars in the same period a year ago, the statement said.

Three analysts polled by Reuters had forecast the lender would make a quarterly net profit of 36.06 million dinars.

The results were boosted by higher finance income, which rose to 176.04 million dinars in the quarter, from 164.76 million dinars in the same period of last year. Investment income and fee and commission income also climbed over the same timeframe.

This helped to offset a 16.3 percent rise in impairments, the bank added without disclosing how much cash it set aside for bad debts during the period.

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