Kuwait's leading Islamic bank posts huge 2013 profit

KFH is a pioneer in Islamic Finance

KUWAIT CITY - Kuwait Finance House, the emirate's leading Islamic bank that has been reeling from the impact of the global financial crisis, on Monday reported a 32 percent rise in 2013 net profit.
KFH posted a net income of 115.9 million dinars ($409.5 million, 303.7 million euros) last year compared with 87.7 million dinars in the previous year, the bank said in a statement.
The bank's total assets at the end of 2013 increased to $56.9 billion, a 10 percent rise from the previous year, while its shareholders' equity rose by 30 percent to $6 billion.
KFH chairman Mohammad al-Khudhairi attributed the results to a restructuring plan the bank has carried out during the past two years.