Kuwait Finance House, the country’s biggest Islamic bank, said first-quarter profit fell 21 percent after setting aside more money for potential bad loans.
Net income dropped to 30.9 million dinars ($107 million), or 12.6 fils a share, from 39.3 million dinars, or 15.9 fils, the bank said in an e-mailed statement today.
“KFH continued to follow a conservative policy that aims to cement its financial status and sustain sufficient provisions to face any consequences of the crisis,” Chairman Bader Abdulmuhsen Al-Mukhaizeem said in the statement. Kuwait Finance House “is keen on making sufficient provisions to diminish any risks in the meantime and the future,” he said.
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