The Saudi unit of Kuwait Finance House, the Gulf state's largest Islamic bank, made a 360 million riyals ($96 million) profit from the sale of a real estate project in the kingdom, the bank said.

KFH sold the project for 1.5 billion riyals and that the profit will be reflected in the bank's first quarter financial results, the statement added. The buyer of the project was not disclosed.

Saudi Kuwait Finance House, a wholly-owned subsidiary of KFH, was granted approval to operate by the Saudi Capital Markets Authority in November 2008.

At the same time, KFH also established a real estate company with capital of 2.5 billion riyals to provide housing units in the kingdom. - Reuters