KUWAIT: Islamic lender Kuwait Finance House (KFH), the country’s largest bank by market value, said yesterday it has secured central bank approval to buy back up to 10 percent of its stock. The six-month buyback period started on Oct. 26, the bank said in a statement on the bourse website. Several Kuwaiti firms and banks are buying back their own shares in a bid to support the local bourse, as stocks extended weeks of declines amid a global financial crisis. A governmental task group commissioned to discuss the market decline recommended that firms buy back their shares to support the market, Minister of Commerce and Industry Ahmad Baqer said earlier this month. KFH’s stock was down 5.15 percent yesterday by 0636 GMT.
Kuwaiti inflation eases in July
KUWAIT: Annual inflation in Kuwait eased slightly to 11.1 percent in July from 11.35 percent in June, official data showed yesterday. All Items Consumer Price Index advanced to 131.1 points on July 31 compared with 118 points a year earlier, government data obtained by Reuters showed. Kuwait is the only Gulf Arab state that does not peg its dinar currency to the dollar.
Global posts 36.1% rise in Q3 profit
KUWAIT: Kuwait’s Global Investment House, the country’s biggest investment bank, posted a 36.1 percent rise in third quarter net profit yesterday. Global said in a statement that net income in the first nine months rose to 102.9 million dinars ($383 million), or 93 fils per share, compared with 61.9 million dinars, or 68 fils per share, in the same period a year ago. Reuters calculated third-quarter net profit of 20.7 million dinars based on previous statements.
Shuaa approves buyback plan
DUBAI: Investment bank Shuaa Capital said yesterday it wanted to buy back up to 55 million shares, or 10 percent of its issued stock, pending regulatory approval. “The board considers that the recent weakness in the share price has provided an attractive opportunity for the company to purchase its own shares,” Shuaa said in a statement after a board meeting. The investment bank’s board also decided to change its financial year to begin on Jan. 1 rather than on April 1, pending central bank approval.
Dubai Islamic Bank Q3 profit rises 10.4%
DUBAI: Dubai Islamic Bank posted net profit of 430 million dirhams ($117.1 million) in the third quarter, up 10.4 percent from the year-earlier period, missing two analysts’ forecasts. The lender made 1.73 billion dirhams in the nine months ended Sept. 30 compared with 1.28 billion dirhams a year ago, an increase of 35.2 percent, it said in a statement without giving the quarterly figure.
Zain expects $1.53bn profit next year
KUWAIT: Kuwait’s Mobile Telecommunications Co. (Zain), the country’s biggest mobile operator, said it expects 2009 net profit to rise to around 413 million dinars ($1.53 billion). Profit would rise “by not less than 30 percent” in 2009 as Zain would start benefiting from an expansion strategy abroad from next year, Chairman Assad Al-Banwan said in a statement carried by the local press yesterday. This would imply a profit of at least 318 million dinars this year after 320.45 million dinars in 2007. For 2008, the company has forecast net profit growth of around 5 percent.
