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Kuwait Finance House Q3 falls 23 pct, below forecasts

Lender to continue expansion policy.

October 29, 2010 8:23 by

Kuwait Finance House (KFH), the country’s biggest Islamic lender, posted a 23-percent decline in third-quarter net profit, missing forecasts.

Net income in the three months to Sept. 30 fell to 26.5 million dinars ($94.24 million), according to Reuters calculations from a KFH statement. That compared with 34.3 million dinars in the same period a year ago.

The lender’s profit for the first nine months was 97.3 million dinars, the statement said.

KFH chairman, Bader al-Mukhaizeem, said in the statement that most of the profits were operational, but did not elaborate.

“Mukhaizeem said the (lender’s) international expansion policy would continue in light of the important contributions it is making to the success of KFH, and its big contribution to profits,” the statement said. He did not provide figures.

Analysts surveyed by Reuters had expected KFH’s third quarter net profit to range between 40 million dinars and 48 million dinars.

(Reporting by Kuwait newsroom)

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