Country's biggest Islamic lender also says it wants to expand operations in Turkey and neighbouring markets
Kuwait Finance House (KFH) , the country's biggest Islamic lender, reported a 13 percent rise in first quarter net profit on Saturday, missing analyst estimates.
Net profit rose to KD26.06 million ($92.54 million) in the first three months of 2014 from KD23 million in the same period a year ago, the lender said in a statement. Revenues were 1 percent higher at KD224.4 million.
Five analysts in a Reuters poll had estimated an average net profit of KD32.76 million for the quarter. KFH's net profit more than doubled in the last quarter of 2013.
In the statement, Chairman Hamad al-Marzouq referred to a recent visit of Turkish President Abdullah Gul toKuwait and said KFH wanted to expand in Turkey and adjacent countries' markets, without giving details. The Kuwaiti company is already operating in the country through its unit KFH Turkey.
KFH's total assets were KD17.3 billion at the end of the first quarter, an increase of 16 percent compared to the same time last year while deposits rose 7 percent to KD636 million, the bank said.
Shares in the company closed at 0.85 dinars on Thursday on the Kuwaiti stock market, which reopens on Sunday.