Kuwait Finance House Q2 profit more than triples

The company plans to hold an analyst call on August 10

  
A Kuwaiti trader is seen at the Kuwait Boursa stock market trading hall in Kuwait city, Kuwait September 16, 2019.

A Kuwaiti trader is seen at the Kuwait Boursa stock market trading hall in Kuwait city, Kuwait September 16, 2019.

REUTERS/Stephanie McGehee

DUBAI- Kuwait Finance House (KFH.KW), a Sharia-compliant bank, said on Tuesday net profit for the second quarter more than tripled due to a decrease in provisions and impairments.

Net profit rose to 52 million dinars ($173.37 million) in the period ended June 30, from 12.6 million dinars in the year earlier period.

The company plans to hold an analyst call on August 10, it said in a disclosure attached to its financial statements, published on the Kuwaiti bourse website.

Kuwaiti banks' earnings were hit last year by the effects of the coronavirus pandemic and relative weakness in oil prices, impacting the Gulf state's economy.

($1 = 0.2999 Kuwaiti dinars)

(Reporting by Hadeel Al Sayegh; Editing by Kirsten Donovan) ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))


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