DUBAI, April 16 National Bank of Kuwait
reported a 8.1 percent rise in first-quarter net
profit, the Gulf Arab state's largest commercial lender said in
a statement on Sunday.
Net profit for the three months to March 31 rose to 85.4
million dinars ($280.8 million) from 78.9 million a year
earlier, it said.
EFG Hermes forecast NBK would make a quarterly net profit of
83.3 million dinars, while Arqaam Capital forecast a net profit
of 84.0 million.
The bank attributed the rise in net profit to higher net
interest income and income from Islamic financing as a result of
strong growth in business volumes.
Banks in Kuwait have been managing to withstand some of the
pressure from lower oil prices as the government pushes ahead
with capital spending plans including multi-billion dollar
schemes such as the Clean Fuels Project to upgrade and expand
two of Kuwait's largest refineries and the building of the
($1 = 0.3042 Kuwaiti dinars)
(Reporting by Tom Arnold; editing by Jason Neely)