NBK profit soars in first quarter

Kuwait City: National Bank of Kuwait (NBK), the Gulf's third-largest lender by market value, posted record profit in the first quarter helped by income from its foreign operations.

Net income in the three months to March 31 jumped 28 per cent to 82 million dinars ($308.5 million), compared with 64 million dinars in the year-earlier period, the bank said in a statement.

Operating income rose 30 per cent to 134.3 million dinars, and return on average assets was 2.87 per cent, the bank said.

"The strong results of the first quarter reflect continued growth in all lines of business and the strength of our operations and franchise," NBK Chief Executive Officer Ebrahim Dabdoub said in the statement.

"They also confirm the merits of our growth strategies emphasising regional expansion," he said.

Kuwait's Global Investment House expected first quarter profit of 74 million dinars, according to a survey last month.