Global Investment House said that Kuwait Finance House’s (KFH) earnings in Q1 came lower than the expectations attributable to lower than forecasted top-line and investment income, according to a statement issued by Global.

KFH realized a net profit of KWD 29.9 million in Q1-15, compared to KWD 26.1 million in Q1-14, rising by 14.6% annually.

Global’s report noted that the earnings “Missed our expectations of KWD 51.0 million and Bloomberg mean consensus of KWD 42.5 million possibly on lower top-line and investment income.”

“We remain neutral to negative on the results,” stated Global.

Customer deposits increased to KWD 14.32 billion in the first quarter of 2015, rising by KWD 593 million or 4.3%.

KFH’s revenues grew by 3.6% to KWD 232.6 million in Q1-15 from KWD 224.5 million in Q1-14.