KUWAIT CITY, Aug 09, 2012 (AFP) - Kuwait Finance House, the emirate's leading Islamic bank, said Thursday its net profits for the second quarter and first half of the year dropped as the bank began a restructuring plan.
KFH's second quarter net profit fell three percent to 22.1 million dinars ($78.6 million) in the three months to June 30 from 22.8 million dinars ($81.3 million) in the same period a year ago, the bank said.
Its profit for the first six months of 2012 reached 42.1 million dinars ($149.8 million), down 7.5 percent on 45.5 million dinars ($161.9 million) it posted in the corresponding period of last year.
KFH chairman Sameer al-Nafisi said the profits reflect a conservative policy by the lender which has begun a restructuring plan.
Assets on June 30 reached $49.8 billion, up 8.5 percent from $43.8 billion a year ago.
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