Kuwait is witnessing imbalances in its economy which require corrections, the state news agency cited the country's central bank governor as saying. "Sheikh Salem Abdul-Aziz Al-Sabah spoke about the economic situation in Kuwait and about the imbalances it witnesses which could lead to a lot of risks at various levels," KUNA said late Sunday. Sheikh Salem was speaking at a cabinet meeting, it said. Sheikh Salem said that such concerns should be addressed by corrections to avoid any negative implications that they might have on the future of Kuwait, KUNA added. The report did not give further details. Last month, Kuwait's parliament approved a 19.4 billion dinars ($70.75 billion) state budget for the 2011/12 fiscal year. This was the government's biggest budget since at least 2003. Meanwhile, Kuwait Finance House (KFH), the country's biggest Islamic lender, reported a 43 percent fall in the second-quarter net profit, missing analysts forecasts for the fourth consecutive quarter. Net profit in the three months to June 30 came in at 22.8 million dinars ($83.2 million), compared with 39.9 million dinars in the same period last year, KFH said in a statement on the Kuwaiti bourse website on Monday. Two analysts polled by Reuters expected the company to earn net profit of 29.1 million dinars and 29.8 million dinars for the second quarter. Net income in the first half of the year was 45.5 million dinars, the statement added. It did not provide a reason for the profit decline.
