Kuwait Finance House Q1 profit falls 11.5pc
Kuwait, April 26, 2012
Kuwait Finance House (KFH) , the country's biggest Islamic lender, reported on Thursday an 11.5 per cent decrease in first-quarter net profit, missing analysts estimates.
Net profit fell to KD20 million ($72 million) from 22.6 million dinars in the same period a year ago, the lender said in a bourse filing.
Analysts in a Reuters survey had predicted 23.48 million dinars net profit on average for the quarter to end-March.
The bank said in March it would shuffle its top management and work with advisors to sell, merge or restructure unprofitable subsidiaries.
KFH's shares closed at 740 Kuwaiti fils on the bourse on Wednesday. - Reuters
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