National Bank of Kuwait (NBK), the Gulf country's largest lender, posted a net profit of 146.6 million dinars ($476 million) in Q1 2024, up 9% year-on-year (YoY) due to higher net operating income and lower impairment losses that were partly offset by higher operating expenses.

The result came in above analysts' mean estimate of KWD 145.1 million, according to LSEG data.

In a regulatory statement on the Kuwait stock exchange on Tuesday, NBK said operating revenue was KWD308.9 million versus KWD277.8 million in the year-ago period.

(Writing by Brinda Darasha; editing by Seban Scaria)