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National Bank of Kuwait, the largest lender in the Gulf state, recorded a nearly 40 percent rise in net profit for the first quarter of 2022 due to lower impairment losses and higher net operating income.
Total net profit for the first three months of the year reached 116.57 million dinars ($381 million), up by 38.3 percent from 84.3 million dinars in the same period in 2021, according to a disclosure on Boursa Kuwait.
Net operating profit rose 3.7 percent to 144.5 million dinars, while total operating revenue went up 6.8 percent to 236.5 million over the same period.
S&P Global Ratings had said that Kuwaiti banks are expected to perform better this year on the back of higher oil prices and continued recovery from the COVID-19 pandemic.
(Writing by Cleofe Maceda; editing by Seban Scaria )
