Kuwait Finance House Q1 profit up 13.2%

DUBAI: Kuwait Finance House posted a 13 per cent rise in first quarter profit from a year earlier, due to a surge in investment income, as well as higher fee and commission income.

Net profit for the three months to March 31 was 38.6 million dinars ($126.91 million), versus 34.1 million dinars a year ago.

EFG Hermes had projected a net profit of 37.56 dinars.

KFH, considered a pioneer in Islamic banking, has benefited from strong capital market activity.

Kuwaiti stocks have rallied by nearly a fifth this year as the economy has withstood the fall in oil prices better than its other Gulf peers.