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Kuwait’s KFH booked $270 mln provisions in H1-TV

Kuwait's KFH took enough provisions in the second quarter.


July 22, 2010 2:15 by

Kuwait Finance House (KFH), the country’s biggest Islamic lender, set aside 78 million dinars ($270.2 million) to meet loan losses in the first half of 2010, a top executive said in aired remarks on Thursday.

“Most of them (78 million) are against credit operations and a small portion is against investments,” Abdul Nasser al-Subeih, KFH’s deputy chief executive told Dubai-based Al Arabiya Television.

“We took enough provisions in the second quarter,” Subeih said without providing a figure.

On Tuesday, KFH posted a 22 percent rise in second-quarter net profit to 39.9 million dinars, from 32.7 million dinars in the year earlier period. KFH’s shares closed up 2 percent up Thursday.

(Reporting by Eman Goma; Editing by Dinesh Nair)


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