Gulf Bank, Kuwait Finance House report 7.7% and 15% increases in Q1 respectively
Gulf Bank, Kuwait's fourth largest lender by market value, reported a 7.7 percent rise in first-quarter net profit on Tuesday.
Net profit for the first three months of the year was KD7.94m ($27.8m), compared to KD7.37m in the same period a year ago, the bank said in a statement filed to the stock exchange.
Separately, Kuwait Finance House (KFH) , the country's biggest Islamic lender, reported a 15 percent rise in first-quarter net profit on Tuesday, lower than analysts' estimates.
Net profit rose to KD23m ($80.7m) from KD20m in the same period a year ago, the lender said.
Two analysts in a Reuters survey had predicted a KD25.15m dinar net profit on average for the first quarter.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.