Kuwait’s Burgan Bank Q1 net profit rises 2%, misses estimates

DUBAI: Burgan Bank, Kuwait’s third-largest lender by assets, reported a 2 per cent rise in first-quarter net profit on Monday, missing analysts’ forecasts. Burgan, a unit of Kuwait Projects Co (KIPCO), made a net profit of 17.54 million dinars (Dh213.59 million) in the three months to the end of March compared to 17.15 million dinars a year earlier, it said in a statement. Three analysts polled by Reuters had estimated, on average, a net profit of 19.94 million dinars for the quarter.