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Financials

National Bank of Kuwait Q3 net profit up 17.5 pct

Oct 10 (Reuters) - National Bank of Kuwait, the country’s biggest lender, posted a 17.5 percent rise in third-quarter profit, while nine-month profit also jumped 14.3 percent, helped by higher interest rates and higher net income from Islamic financing.

Big lenders such as NBK have benefited from increased spending on government-backed projects, supported by higher oil prices. Analysts expect corporate borrowing appetite will continue to improve in Kuwait as oil prices trade near a four-year high.

The bank posted a net profit of 86.5 million dinars ($285.1 million) during the July to September period, up from 73.7 million dinars a year earlier.

EFG Hermes had made a net profit projection for NBK of 92 million dinars for the period.

$1 = 0.3036 Kuwaiti dinars Reporting by Saeed Azhar; Editing by Tom Arnold

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