Mubasher: Kuwait Finance House (KFH) reported a 17.4% year-on-year growth in profits during the first quarter of 2019.

KFH’s profits increased to KWD 51.6 million ($169.85 million) in Q1-19 from KWD 43.97 million ($144.74 million) during Q1-18, according to a statement to Boursa Kuwait on Monday.

Earnings per share (EPS) reached 7.5 fils by the end of Q1-19, compared to 6.39 fils in the year-ago period.

The bank attributed the rise in Q1 earnings to a 7.1% increase in net operating revenues, while provisions tumbled by 15.9%.

KFH’s operating revenues levelled up 4.1% to KWD 196.84 million in Q1-19, from KWD 189.11 million during Q1-18.

During FY 2018, KFH profits rose by 23.5%, logging KWD 227.41 million, compared to KWD 184.16 million during 2017.

In March 2019, KFH announced that its shareholders approved distributing KWD 125.1 million at 20 fils per share as cash dividends for the full fiscal year 2018.