Kuwait Finance House, the country’s biggest Sharia-compliant lender, said on Wednesday its third quarter net profit rose 31.4 per cent to 73.9 million Kuwaiti dinars (Dh893.4m) from a year-earlier period, beating analysts’ estimates.
The results were mainly due to “the increase in net operating income by 17.9 per cent, which resulted mainly from the increase in net financing income by 25.4 per cent,” it said in a statement to Boursa Kuwait, where its shares are traded.
The results beat the 57m dinars median estimate of two analysts polled by Bloomberg.
Total operating revenue increased 18 per cent to 131.7m dinars.
KFH is currently in talks to merge with Bahrain’s Ahli United Bank, a tie-up that could create a lender with $92 billion in combined assets. Arabian Gulf banks are on a deal spree as they seek to build scale, cut costs and increase profitability.
Nine-month profit rose 22.7 per cent to 169m dinars, the bank added.
KFH reported a 19 per cent rise in the second quarter net profit as income from financing and investments climbed.
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Kuwait Finance House reports 19% rise in second quarter profit
Kuwait Finance House seeks merger with Bahrain's Ahli United Bank
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The lender, which owns 62.2 per cent of Turkey's Kuveyt Turk Participation Bank, said results from the country were affected by the financial crisis it is experiencing.
“Despite a real growth in the business, the decline in the Turkish currency rate against Kuwaiti Dinar during the third quarter of the current year has a negative impact on the consolidated balances as at the date of the interim condensed consolidated financial information,” it said in separate emailed statement.
Total assets fell 0.5 per cent to 17.4bn dinars at the end of the first nine months of this year compared with the same period a year earlier, partly because of the troubles in Turkey.
“Despite the sharp fluctuations in the Turkish lira, the position of KFH-Turkey is strong,” said chairman Hamad Al Marzouq in the statement.
“This is attributable to the credit facilities granted in Turkish lira, the credit facilities granted in hard currency as well as the good credit growth and the increased credit margin of financing which enabled the bank to overcome the impact of these fluctuations and mitigate risk."
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
The specs: 2019 Mini Cooper
Price, base: Dh141,740 (three-door) / Dh165,900 (five-door)
Engine: 1.5-litre four-cylinder (Cooper) / 2.0-litre four-cylinder (Cooper S)
Power: 136hp @ 4,500rpm (Cooper) / 192hp @ 5,000rpm (Cooper S)
Torque: 220Nm @ 1,480rpm (Cooper) / 280Nm @ 1,350rpm (Cooper S)
Transmission: Seven-speed automatic
Fuel consumption, combined: 4.8L to 5.4L / 100km
Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
How to avoid crypto fraud
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Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
The specs: 2018 Mercedes-Benz E 300 Cabriolet
Price, base / as tested: Dh275,250 / Dh328,465
Engine: 2.0-litre four-cylinder
Power: 245hp @ 5,500rpm
Torque: 370Nm @ 1,300rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.0L / 100km
The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.