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| 25 April, 2017

Kuwait Finance House Q1 profit up 13.2 pct as investment income surges

Net profit for the three months to March 31 was KWD38.6 million ($126.91 million).

Kuwait Finance House Chairman and Managing Director Mukhaizeem speaks to shareholders at the bank's AGM in Kuwait.

Kuwait Finance House Chairman and Managing Director Mukhaizeem speaks to shareholders at the bank's AGM in Kuwait.

REUTERS/Stephanie McGehee

DUBAI, April 25 (Reuters) - Kuwait Finance House posted a 13 percent rise in first quarter profit from a year earlier, due to a surge in investment income, as well as higher fee and commisison 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. ($1 = 0.3042 Kuwaiti dinars) (Reporting by Saeed Azhar; Editing by Tom Arnold)

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