January 28, 2018 / 9:46 AM / 7 months ago

Kuwait Finance House's fourth-quarter net profit flat

DUBAI, Jan 28 (Reuters) - Kuwait Finance House (KFH), the country’s biggest Islamic lender, reported flat fourth-quarter net profit, according to Reuters calculations based on the bank’s annual results.

Net profit was 46.3 million dinars ($154.6 million) in the three months to Dec. 31, from 46.6 million dinars in the same period a year ago, Reuters calculated based on annual results published by the company which do not give a quarterly breakdown.

EFG Hermes forecast the lender would make a quarterly net profit of 45 million dinars.

For the full year, the bank reported an 11.5 percent rise in net profit to 184.2 million dinars, citing an 8.1 percent rise in net financing income, fees and commission income, investment and other income.

The bank said its board proposed a cash dividend of 17 fils per share and a 10 percent stock dividend for 2017, the same payout as for the previous year. ($1 = 0.2996 Kuwaiti dinars) (Reporting By Tom Arnold. Editing by Jane Merriman)

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