KFH Q2 profit falls 43pc to $83m
Kuwait, July 18, 2011
Kuwait Finance House (KFH), the country's biggest Islamic lender, reported a 43 percent fall in the second-quarter net profit, missing analysts forecasts for the fourth consecutive quarter.
Net profit in the three months to June 30 came in at 22.8 million dinars ($83.2 million), compared with 39.9 million dinars in the same period last year, KFH said in a statement on the Kuwaiti bourse website on Monday.
Two analysts polled by Reuters expected the company to earn net profit of 29.1 million dinars and 29.8 million dinars for the second quarter.
Net income in the first half of the year was 45.5 million dinars, the statement added. It did not provide a reason for the profit decline.
Goldman Sachs began coverage of KFH in May with a "neutral" rating saying valuations were already reflecting likely surge in loan growth aided by government spending.
The bank's shares were down 3.1 percent on the Kuwait bourse at 0635 GMT after the results were released. - Reuters