Mubasher: Kuwait Finance House (KFH) achieved a growth of 7.6% in profits during the third quarter of 2017 compared to the same period in the previous year.
The bank’s earnings increased to KWD 56.22 million ($186.6 million) in Q3-17 compared to KWD 52.25 million ($137.4 million) in Q3-16, according to a bourse statement issued on Monday.
During the first nine months of 2017, KFH’s profits grew 12% to KWD 137.87 million from KWD 123.13 million in the corresponding period in 2016.
KFH clarified that the higher profits resulted from an increase of 9.1% in operating revenues, a decline of 3.5% in operating expenses, and a surge of 20.1% in provisions.
It is noteworthy that the bank’s profits grew by 15.2% to total KWD 81.65 million in the first six months of 2017 compared to KWD 70.88 million in the first half of 2016.
At the stock level, KFH started Monday’s session 1.01% higher at 602 fils by 9:18am Kuwait time.
