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Kuwait Finance House Q3 profit falls 4.7pc

Kuwait, November 2, 2011

Kuwait Finance House (KFH), the country's largest Islamic bank, reported a 4.7-percent-fall in third quarter net profit, it said on Wednesday, missing analysts' forecasts.

KFH made a net profit of 25.3 million dinars ($91.8 million), down from 26.5 million dinars in the same period last year, it said in a statement on Kuwait's bourse website.

Two analysts polled by Reuters had predicted, on average, a net profit of 30.4 million dinars.

KFH's shares were up 1.1 percent at 0647 GMT in early trading after the results were released, as the country's stock market eased 0.2 percent to 5,905 points.

Profit for the first nine months of the year fell to 70.8 million dinars from 97.3 million dinars, the lender said in the statement.

KFH has formed a partnership with Grosvenor Investment Management US (GIM) to invest up to $600 million in healthcare-related real estate, it said in October. - Reuters




Tags: KFH | Kuwait | Islamic Banking |

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