Kuwait's top Islamic bank 2010 profit down 10.7%

Kuwait Finance House (KFH), the emirate's leading Islamic bank, said on Sunday its net profit in 2010 dropped 10.7 percent, despite a rising asset base.

13 February 2011, 12:00am

KFH posted a net profit of 106 million dinars (US$378.6 million, 279.6 million euros) last year compared to 118.7 million dinars (US$424 million) in 2009, the bank said in a statement posted on the Kuwait Stock Exchange website.

In 2009, the bank's profit dived 24 percent due to the global financial crisis.

KFH said its assets last year grew by 11 percent to US$44.8 billion from US$40.3 billion in 2009.