KUWAIT, April 19 Kuwait Finance House (KFH)
, the country's biggest Islamic lender, reported a 13
percent rise in first quarter net profit on Saturday, missing
Net profit rose to 26.06 million dinars ($92.54 million) in
the first three months of 2014 from 23.0 million dinars in the
same period a year ago, the lender said in a statement. Revenues
were 1 percent higher at 224.4 million dinars.
Five analysts in a Reuters poll had estimated an average net
profit of 32.76 million dinars for the quarter.
KFH's net profit more than doubled in the last quarter of 2013.
In the statement, Chairman Hamad al-Marzouq referred to a
recent visit of Turkish President Abdullah Gul to Kuwait and
said KFH wanted to expand in Turkey and adjacent countries'
markets, without giving details. The Kuwaiti company is already
operating in the country through its unit KFH Turkey.
KFH's total assets were 17.3 billion dinars at the end of
the first quarter, an increase of 16 percent compared to the
same time last year while deposits rose 7 percent to 636 million
dinars, the bank said.
Shares in the company closed at 0.85 dinars on Thursday on
the Kuwaiti stock market, which reopens on Sunday.
($1 = 0.2816 Kuwaiti Dinars)
(Reporting by Sylvia Westall; Editing by Raissa Kasolowsky)