July 14, 2015 / 12:29 PM / 2 years ago

Kuwait's Gulf Bank Q2 net profit jumps 28.7 pct on higher income

DUBAI, July 14 (Reuters) - Kuwait's Gulf Bank, the state's fourth-largest lender by assets, reported a 28.7 percent jump in second-quarter net profit on Tuesday on the back of higher net interest income.

The bank said in a bourse filing that net profit for the three months to the end of June was 8.88 million dinars ($29.4 million), compared to 6.90 million dinars in the year-earlier period.

Global Investment House forecast the bank would post net profit of 11.08 million dinars during the quarter.

Gulf Bank attributed the net profit rise to improved core profitability mainly due to higher net interest income, which rose 5.7 percent to 30.08 million dinars.

This resulted in a 5 percent growth in operating profit, Gulf Bank added. ($1 = 0.3024 Kuwaiti dinars) (Reporting by Tom Arnold; Editing by David French)

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