KUWAIT CITY - Kuwait Finance House, the largest Islamic bank in the Gulf emirate, announced Thursday a 49 percent rise in net profits for the first nine months of the year.
KFH said it posted 393.5 million dinars (1.4 billion dollars) on September 30 compared to 264.5 million dinars (944 million dollars) in the year-earlier period, chairman Bader al-Mukhaizeem said.
Return on assets was 3.2 percent while return on equity was 27 percent.
Assets reached 29.5 billion dollars, a 45 percent increase from 20.4 billion dollars a year earlier.
The bank was established in 1977 as the first bank operating in accordance with sharia, or Islamic law. There are two other Islamic banks in Kuwait.
In June, KFH raised its capital from 141 million dinars to 171.5 million to finance foreign expansions mainly in Malaysia and Turkey