kfh-posts-profit-as-revenues-fall

KFH posts profit as revenues fall

Kuwait Finance HouseÆs 2008 profit is overshadowed by falling revenues.

Bucking the trend of massive bank losses occurring in the US and Europe, Kuwait Finance House KFH has posted a profit before charges for 2008, despite falling revenues.

The finance house's unaudited full-year net profit totalled KD157 million $542 million on revenues of KD884.9 million. Given the current economic environment, however, KFH said it would retain KD211 million as a provision.

After the KD211 million provision, KFH lost anywhere between KD48 million and KD54 million for the year. Full-year and fourth-quarter audited results have yet to be released.

We are already observing a significant fall in bank reserves, which account for the...

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