Kuwait Finance House, the emirate's leading Islamic bank, said on Sunday its net profits in the first quarter of 2010 dived 21.3 percent after the firm made new provisions against loans. KFH posted 107.3 million dollars in net profits between January and March compared to 136.5 million dollars in the same period of 2009, the bank said.
Last year, KFH profits slumped 24 percent to 412.7 million dollars.
Chairman and managing director Bader al-Mukhaizeem said the bank would maintain its conservative policy and continue to add provisions to face the consequences of the global financial crisis.
KFH said its assets on March 31 increased 11 percent to 40.5 billion dollars, from 37 billion dollars a year ago.
Deposits rose seven percent to 25 billion dollars at the end of the first quarter, while shareholders equity inched two percent higher to reach 4.17 billion dollars.