National Bank of Kuwait (NBK), the country's biggest lender, reported a small estimate-beating increase in first-quarter profit on Sunday, but shares fell after news that a prominent board member had died.

The bank reported a net profit of 80.7 million dinars ($291.8 million) in a statement to the bourse, up from 76.3 million dinars in the prior-year period, an increase of 5.8 percent.   

But news of the death of Nasser Al-Kharafi, the chairman of Kuwaiti conglomerate Al Kharafi Group and an NBK board member, weighed on shares, which were trading 1.7 percent lower at 0628 GMT. The stock had fallen over 3 percent on opening.   

The broader index was trading 0.5 percent lower.   

Analysts polled by Reuters had estimated an average first quarter profit of 74.8 million dinars.

In March, chief executive Ibrahim Dabdoub said the bank was delaying expansion plans due to regional unrest but said the company was eyeing loan growth of between 10 and 15 percent in 2011. - Reuters