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Kuwait’s Gulf Bank Q1 Net Profit Climbs 10%

Kuwait’s Gulf Bank Q1 Net Profit Climbs 10%

The country’s fourth-largest lender by assets said net profit for the first quarter was $31.1 million.

Kuwait’s Gulf Bank missed analyst estimates despite reporting a 10 per cent increase in first-quarter net profit on Monday.

The country’s fourth-largest lender by assets said net profit for the three months to the end of March was KD8.73 million ($31.1 million), compared to KD7.94 million in the same period a year ago.

Analysts at Global Research and Arqaam Capital had forecast a net profit in the period of KD9 million and KD10 million respectively.

In March, the bank named Cesar Gonzalez-Bueno as chief executive, replacing Michel Accad who resigned in October last year.

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