Kuwait's KFH Q4 profit falls 29%, misses forecasts

Kuwait Finance House makes KD8.7m ($31.13m) in the three months to Dec 31
Kuwait's KFH Q4 profit falls 29%, misses forecasts
PROFIT WATCH: Quarterly profit at Kuwait Finance House (KFH), the Gulf states biggest Islamic lender, fell 29.2 percent, missing analysts forecasts (ITP Images)
By Reuters
Sun 13 Feb 2011 04:47 PM

Quarterly profit at Kuwait Finance House (KFH), the Gulf state's biggest Islamic lender, fell 29.2 percent, missing analysts' forecasts.

The lender made KD8.7m ($31.13m) in the three months to December 31, Reuters calculated, compared with KD12.3m in the prior-year period.

Two analysts polled by Reuters had estimated an average fourth-quarter profit of KD36.4m.

Reuters calculated fourth-quarter earnings figures from previous financial statements. KFH reported a full-year net profit of KD106m on Sunday, compared with KD118.7m in 2009, it said in a statement to Kuwait bourse.

Nine-month net profit to September 30 stood at KD97.3m.

The board recommended to pay a 20 percent dividend and plans to distribute 8 free shares for every 100 held, the statement said.

Shares in KFH ended 1.7 percent higher on Sunday prior to the results.

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