Kuwait Finance House plans to raise capital by 20%

Kuwait: Kuwait Finance House (KFH), the country's biggest Islamic lender, said it's planning to boost capital by 20 per cent. The price will be decided after approval from regulatory authorities, the bank said in a statement to the Kuwait Stock Exchange. The increase will help fund its five-year plan and support local and international expansion. The lender said in March it will restructure, merge or sell unprofitable units to boost earnings.

The bank may have its ratings cut because of declines in asset quality and an increase in provisions, Moody's Investors Service said on November 7. Kuwait Finance, which reported a 33 per cent rise in third- quarter profit, had total equity of $7.8 billion at the end of the third quarter, according to Bloomberg.


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