NBK cuts loan growth outlook despite profit rise

• Q1 profit up 1%
• CEO: ‘Prolonged negative implications’ from war
• Kuwait economy to shrink 0.6%, says IMF

National Bank of Kuwait has lowered its loan growth forecast for the year in the wake of the Iran war but still reported a slight rise in first-quarter profit.

Kuwait’s biggest lender said asset quality remained resilient and net profit for the three months to March 31 rose 1 percent year on year to KD135.5 million ($440 million), helped by higher operating income and lower net provisions than in the previous…