The lender said third quarter net profit was 19.64 million dinars ($70.37 million), compared to a net loss of 2.48 million dinars in the prior-year period, it said in a statement.

Analysts forecast average profit of 2.73 million dinars in the third quarter, according to a Reuters survey last month.

Net profit in the nine months to Sept. 30 came in at 20.5 million dinars.

CBK shares rose 1 percent on the Kuwait Stock Exchange at 732 GMT outperforming the Kuwaiti index which was down 0.3 percent.

“I was surprised by the speed of recovery. I expected to see these figures at the end of the year or next year,” said Naser Al-Nafisi, general manager of Al Joman Center for Economic Consultancy, adding the results were most likely due to a reduction in provisions.

The bank said its total assets in the nine months to Sept 30 were 3.64 billion dinars, and total shareholder equity for the same period was 465.21 million dinars.