Kuwait's Gulf Bank posts 10% rise in Q1 net profit

Country's fourth-largest lender makes $31.1m in the three months to the end of March
Kuwait's Gulf Bank posts 10% rise in Q1 net profit
Gulf Bank Kuwait
By Reuters
Mon 14 Apr 2014 02:03 PM

Kuwait's Gulf Bank missed analyst estimates despite reporting a 10 percent increase in first-quarter net profit on Monday.

The country's fourth-largest lender by assets said net profit for the three months to the end of March was KD8.73 million ($31.1 million), compared to KD7.94 million in the same period a year ago.

Analysts at Global Research and Arqaam Capital had forecast a net profit in the period of KD9-10 million respectively.

In March, the bank named Cesar Gonzalez-Bueno as chief executive, replacing Michel Accad who resigned in October last year.

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