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Kuwait Finance House holds $1.6 bln in provisions

Mon Oct 26, 2009 8:51am EDT

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DUBAI, Oct 26 (Reuters) - Kuwait Finance House, the country's biggest Islamic lender, said on Monday its provisions were declining but amounted to 460 million dinars ($1.61 billion).

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"... Provisions are declining, but we are keeping 460 million dinars in provisions," Chief Executive Mohammad al-Omar told Al Arabiya television without giving a timeframe for when the provisions were booked.

In September, Kuwait Finance House (KFIN.KW) said it did not have big exposure to the debt of local investment firms and still had a strong financial position. (Reporting by Inal Ersan; Editing by Firouz Sedarat)

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