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Kuwait Finance House Makes $89 Million Profit From Land Sale

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Dec. 9 (Bloomberg) -- Kuwait Finance House made a 25 million-dinar ($89 million) profit from a property deal as the country’s biggest Islamic lender reorganizes its business.

The bank sold 16 units of land for 84 million dinars, it said in an e-mailed statement. Profit from the sale will be included in 2012 financial results.

Kuwait Finance House said last month it plans to boost capital by 20 percent to help finance its five-year plan and support expansion. The lender said in March it will restructure, merge or sell unprofitable units to boost earnings.

To contact the reporter on this story: Fiona MacDonald in Kuwait at fmacdonald4@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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