Kuwait Finance House profits up 29 per cent

14 July 2008
Kuwait Finance House (KFH) has reported a 29 per cent increase in second quarter profits to KD83.9m ($315.2m), and says it is looking to expand into Saudi Arabia and other GCC states.

The bank also reported an increase in deposits of 31 per cent to KD6.31m ($23.79m) during the three months to the end of June, compared with the same period last year, and an increase in assets of 28 per cent to KD10.27bn ($38.72).

Bader al-Mukhaizeem, chairman of the bank, said that KFH had received a number of requests from regional governments for it to establish a presence in their countries to develop the Islamic finance sector.

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