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Tue 30 Jul 2013 02:24 PM

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Kuwait's KFH posts 21% rise in Q2 net profit

Kuwait Finance House, Gulf state's biggest Islamic lender, announces $362m of provisions

Kuwait's KFH posts 21% rise in Q2 net profit

Kuwait Finance House (KFH) , the Gulf state's biggest Islamic lender, announced KD103m ($362m) of "precautionary provisions" on Tuesday, as it posted a smaller than expected rise in second-quarter net profit.

The bank did not provide any more details on the provisions, which cover the first half of the year, nor a comparative figure for the same period the year before.

It added that indicators related to profit growth and operating revenues were positive.

Net profit rose to KD26.8m in the three months ended June, KFH said in a bourse filing, 21 percent higher than the year-earlier period. That compared with analysts' average forecast of KD30.35m in a Reuters poll of four analysts.

The lender did not provide further details on its profit.

It said it would continue with its expansion plans after its KD319m capital increase last month.

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