Kuwait Finance House Makes $89 Million Profit From Land Sale
Kuwait Finance House (KFIN) 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.
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