Kuwaiti Islamic lender Boubyan Bank which is 47 percent owned by the country’s largest lender, National Bank of Kuwait (NBK) made a first-quarter net profit of 1.62 million dinars ($5.61 million).
The results compare with a net loss of 11.7 million in the year-earlier period. Boubyan’s total loss for 2009 stood at 51.7 million dinars.
Last month, NBK received the Kuwaiti central bank’s approval to raise its stake in Boubyan to a maximum of 60 percent.
The approval is valid for three months, starting March 22. The bank’s shares were up 1.9 percent at 0805 GMT after the results were released.