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Kuwait Finance House Q1 net profit up 14.6 pct, short of estimates

The bank also said its Turkish subsidiary would begin operations in Germany, headquartered in Frankfurt, in the middle of 2015

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Kuwait Finance House (KFH), the country's biggest Islamic lender, reported a 14.6 percent rise in first-quarter net profit on Wednesday, but still fell short of analysts' forecasts.

Net profit rose to $99.0 million in the three months to the end of March from $89.3 mln in the same period a year ago, the lender said in a statement.

Four analysts polled by Reuters forecast, on average, first-quarter profit of $120 mln.

The bank also said its Turkish subsidiary would begin operations in Germany, headquartered in Frankfurt, in the middle of 2015, with a starting capital of $158 mln.

The bank previously had a limited branch in the German city of Manheim, but gained a license to establish a fully integrated Islamic bank.