April 29, 2018 / 6:49 AM / 4 months ago

Kuwait Finance House reports 13.9 pct first quarter profit rise

DUBAI, April 29 (Reuters) - Kuwait Finance House (KFH), the country’s biggest Islamic lender, reported a 13.9 percent rise in first-quarter net profit, according to a statement on Sunday.

Net profit rose to 44.0 million dinars ($146 million) in the three months to March 31, from 38.6 million dinars in the same period a year ago, the statement said.

EFG Hermes forecast the lender would make a quarterly net profit of 42.2 million dinars.

The bank said the increase in net profit for the period was due to a 12 percent rise in net operating income as a result of a growth in financing. ($1 = 0.3008 Kuwaiti dinars) (Reporting By Tom Arnold; Editing by Elaine Hardcastle)

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