Kuwait Finance House first quarter profit rises but misses estimates | GulfNews.com

Kuwait Finance House first quarter profit rises but misses estimates | GulfNews.com:



"Kuwait Finance House (KFH), the country’s biggest Islamic lender, reported a 13 per cent rise in first quarter net profit on Saturday, missing analyst estimates.



Net profit rose to 26.06 million dinars (Dh340 million, $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 per cent 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."



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