October 24, 2018 / 12:32 PM / 2 months ago

Kuwait Finance House's third-quarter profit rises 31.4 percent

DUBAI, Oct 24 (Reuters) - Kuwait Finance House (KFH), the country’s biggest Islamic lender, posted a 31.4 percent rise in third-quarter net profit, according to a statement on Wednesday.

Net profit rose to 73.9 million dinars ($243.4 million) in the three months to Sept. 30, from 56.2 million dinars in the same period a year ago, the statement said.

Investment bank EFG Hermes had forecast the lender would make a quarterly net profit of 48.2 million dinars.

The bank, which owns 62.2 percent of Turkey’s Kuveyt Turk Participation Bank, has been in merger talks since mid-2018 with Bahrain’s Ahli United Bank.

KFH will make a decision on the share pricing of the merger within two weeks, KFH’s chief executive Mazin Al-Nahedh said on Monday. ($1 = 0.3036 Kuwaiti dinars) (Reporting By Tom Arnold)

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