April 9, 2018 / 2:25 PM / a year ago

National Bank of Kuwait reports 9.6 pct Q1 profit jump

DUBAI, April 9 (Reuters) - National Bank of Kuwait , the Gulf Arab state’s largest commercial lender, reported a 9.6 percent rise in first-quarter net profit on Monday.

The bank made a net profit of 93.6 million dinars ($312.2 million) in the three months to March 31, compared to 85.4 million dinars a year earlier, it said in a statement.

The bank said the profit rise was due to higher net interest income and net income from Islamic financing, as well as higher fees and commissions.

The rise in net interest income and net income from Islamic financing was driven by strong growth in business volumes, supported by increases in benchmark interest rates, it added. ($1 = 0.2998 Kuwaiti dinars) (Reporting by Tom Arnold; Editing by Adrian Croft)

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