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Mon 3 Feb 2014 06:03 PM

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Kuwait's KFH more than doubles Q4 net profit

Kuwait Finance House makes nearly $95m net profit in the three months to December 31

Kuwait's KFH more than doubles Q4 net profit

Kuwait Finance House (KFH) more than doubled its fourth-quarter net profit and executives at the Gulf state's largest Islamic bank proposed a 13 percent dividend distribution and 13 percent bonus shares.

Net profit rose to KD26.4 million ($94.7 million) in the three months to the end of December compared to KD11.8 million a year earlier, a calculation based on figures released on Monday showed.

Broker EFG Hermes had expected the bank to earn KD29.9 million in the quarter while HSBC saw its quarterly profit at KD56 million.

KFH said its loan book had improved in 2013 after allocating KD187 million in provisions. The share of non-performing assets fell to 4.4 percent from 5.7 percent, it said.

Full-year net profit rose 32 percent to KD115.9 million while total assets were up 10 percent to KD16.1 billion. Customer deposits were up 8 percent to KD711 million.

In 2012, the bank paid a 10 percent cash dividend and issued 10 percent bonus shares for shareholders.

KFH also said it was about to finalize marketing and selling plots of its flagship real estate project Diyar Al-Muharrq in Bahrain, describing it as the largest private sector housing project in the country.

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