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Tue 23 Apr 2013 10:50 AM

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Kuwaiti banks post upticks in Q1 net profit

Gulf Bank, Kuwait Finance House report 7.7% and 15% increases in Q1 respectively

Kuwaiti banks post upticks in Q1 net profit

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.

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