NBK reports 8.1% first-quarter net profit rise

DUBAI

National Bank of Kuwait reported a 8.1 per cent rise in first-quarter net profit, the Gulf Arab state’s largest commercial lender said in a statement on Sunday.

Net profit for the three months to March 31 rose to 85.4 million dinars ($280.8 million) from 78.9 million a year earlier, it said. EFG Hermes forecast NBK would make a quarterly net profit of 83.3 million dinars, while Arqaam Capital forecast a net profit of 84.0 million. The bank attributed the rise in net profit to higher net interest income and income from Islamic financing as a result of strong growth in business volumes.