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DUBAI, Jan 31 (Reuters) - Kuwait Finance House
KFIN.KW
(KFH), the country's biggest Islamic lender, reported a 5 percent rise in fourth-quarter net profit on Tuesday, according to Reuters calculations.
Net profit rose to 42.1 million dinars ($138.1 million) in the three months to Dec. 31, from 40.1 million dinars in the same period a year ago, Reuters calculations showed, using financial statements in lieu of a quarterly earnings breakdown.
EFG Hermes had forecast the lender would make a quarterly net profit of 46.2 million dinars.
The bank, which owns 62.2 percent of Turkey's Kuveyt Turk Participation Bank, is undergoing a restructuring of some of its units ahead of a planned divestment by its largest shareholder, the Kuwait Investment Authority. The bank said on Nov. 27 that it had signed an agreement to sell 150 million shares of Kuwait Finance House Investment, its investment arm, for 18.7 million dinars to a group of investors.
For the full year of 2016, the bank reported a net profit of 165.2 million dinars, compared to 145.8 million dinars in 2015.
The bank's statement added that its board proposed a cash dividend of 17 fils per share and a 10 percent stock dividend for 2016, the same payout as for 2015.
($1 = 0.3050 Kuwaiti dinars)
(Reporting By Tom Arnold; Editing by Catherine Evans) ((Tom.Arnold@thomsonreuters.com; +97144536265; Reuters Messaging: tom.arnold.thomsonreuters.com@reuters.net))
Net profit rose to 42.1 million dinars ($138.1 million) in the three months to Dec. 31, from 40.1 million dinars in the same period a year ago, Reuters calculations showed, using financial statements in lieu of a quarterly earnings breakdown.
EFG Hermes had forecast the lender would make a quarterly net profit of 46.2 million dinars.
The bank, which owns 62.2 percent of Turkey's Kuveyt Turk Participation Bank, is undergoing a restructuring of some of its units ahead of a planned divestment by its largest shareholder, the Kuwait Investment Authority. The bank said on Nov. 27 that it had signed an agreement to sell 150 million shares of Kuwait Finance House Investment, its investment arm, for 18.7 million dinars to a group of investors.
For the full year of 2016, the bank reported a net profit of 165.2 million dinars, compared to 145.8 million dinars in 2015.
The bank's statement added that its board proposed a cash dividend of 17 fils per share and a 10 percent stock dividend for 2016, the same payout as for 2015.
($1 = 0.3050 Kuwaiti dinars)
(Reporting By Tom Arnold; Editing by Catherine Evans) ((Tom.Arnold@thomsonreuters.com; +97144536265; Reuters Messaging: tom.arnold.thomsonreuters.com@reuters.net))
