DUBAI, April 25 (Reuters
) - Kuwait Finance House
posted a 13 percent rise in first quarter profit from a year earlier, due to a surge in investment income, as well as higher fee and commisison income.
Net profit for the three months to March 31 was 38.6 million dinars ($126.91 million), versus 34.1 million dinars a year ago.
EFG Hermes had projected a net profit of 37.56 dinars.
, considered a pioneer in Islamic banking, has benefited from strong capital market activity.
Kuwaiti stocks have rallied by nearly a fifth this year as the economy has withstood the fall in oil prices better than its other Gulf peers. ($1 = 0.3042 Kuwaiti dinars) (Reporting by Saeed Azhar; Editing by Tom Arnold)