Kuwait’s NBK Q2 profit rises 29 per cent, misses estimates

Dubai: National Bank of Kuwait , the Gulf Arab state’s largest commercial lender, reported a 29 per cent rise in second-quarter profit on Wednesday but missed analysts’ estimates.

Net profit climbed to 60.9 million dinars ($215.8 million) in the three months to June 30 from 47.2 million dinars a year earlier, according to Reuters calculations based on the bank’s first-half financial statement.

Analysts in a Reuters poll had predicted 74.8 million dinars profit on average.

For the first half of this year, profit rose to 144.8 million dinars from 128.5 million dinars a year earlier, as the operating environment in Kuwait continued to improve with a pick-up in the economy, the bank said.