Kuwait's Gulf Bank Q1 Net Profit Rises 12%, Misses Estimates - Gulf Business
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Kuwait’s Gulf Bank Q1 Net Profit Rises 12%, Misses Estimates

Kuwait’s Gulf Bank Q1 Net Profit Rises 12%, Misses Estimates

The bank said in a bourse filing that net profit for the three months to the end of March was $32.4 million.

Kuwait’s Gulf Bank, the Gulf State’s fourth-largest lender by assets, reported a 12 per cent rise in first-quarter net profit on Tuesday, missing estimates.

The bank said in a bourse filing that net profit for the three months to the end of March was 9.78 million dinars ($32.4 million), compared to 8.73 million dinars in the year-earlier period.

KAMCO Investment Company forecast the bank would post net profit of 11.86 million dinars during the quarter, with Global Investment House estimating a net profit of 11.40 million dinars.

Gulf Bank attributed the net profit rise to an increase in net interest income, which rose 8.8 percent to 31.2 million dinars.

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