Kuwait Finance House makes $362m of provisions

Posted by on Aug 2nd, 2013 and filed under Islamic Finance. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

Kuwait Finance House (KFH) announced 103 million Kuwaiti dinar or $362 million of precautionary provisions on Tuesday, as it posted a smaller than expected rise in second-quarter net profit. The bank did not provide any more details on the provisions, which cover the first half of the year, nor a comparative figure for the same period the year before. It added that indicators related to profit

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growth and operating revenues were positive. Net profit rose to 26.8 million dinars in the three months ended June. The lender did not provide further details on its profit. It said it would continue with its expansion plans after its 319 million dinar capital increase last month.

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