The lender made 22.6 million dinars ($81.88 million) in the three months ending March 31, compared with a net profit of 30.9 million dinars in the comparable period one year earlier, the company said in a statement.

Two analysts polled by Reuters estimated that Kuwait Finance House’s net profit would range between 36.3 million dinars and 37 million dinars for the first-quarter.

Total assets for the lender came in at 12.7 billion dinars.

In March, Kuwait Investment Authority, one of the largest sovereign funds in the Gulf, said KFH would manage a 1 billion dinar real estate portfolio.

KFH’s units have also been active in plans to issue Islamic bonds.

A newspaper reported this month that its unit Liquidity Management House is in the process of issuing $1 billion in sukuk.

In March, KFH’s Turkish unit said it will launch a $500 million Islamic bond by the end of the year.