Kuwait's Gulf Bank missed analyst estimates despite reporting a 10 percent increase in first-quarter net profit on Monday.

The country's fourth-largest lender by assets said net profit for the three months to the end of March was 8.73 million dinars ($31.1 million), compared to 7.94 million dinars in the same period a year ago.

Analysts at Global Research and Arqaam Capital had forecast a net profit in the period of 9 million and 10 million dinars respectively.

In March, the bank named Cesar Gonzalez-Bueno as chief executive, replacing Michel Accad who resigned in October last year. - Reuters