Kuwait – Mubasher: Kuwait Financial House (KFH) on Tuesday reported a profit increase by 13.2% for the first quarter of 2017, compared to the same period of 2016.
The bank’s profits reached KWD 38.59 million ($126.48 million) in Q1-17, compared to KWD 34.1 million ($111.77 million) in Q1-16, according to a filing to Boursa Kuwait.
The rise in profits was due to an increase in net financing revenues by 3% and a 19% rise in revenues from fees and commissioning.
Investment income surged 489% in Q1-17, the bank added.
Other incomes increased 11%, while impairment provisions rose by 106% and total operating expenses declined by 6%, KFH added.
The Kuwaiti bank had previously reported a growth of 13.3% in its profits reaching KWD 165.23 million in 2016, compared KWD 145.84 million in 2015.
