The net profit of Istanbul-based participation bank Kuveyt Türk rose 21.3 percent in the first quarter of 2017, compared to the same period last year, the bank announced yesterday.

Kuveyt Türk made a net profit of TL 152 million ($42 million) in January-April, while its total assets reached some TL 34.3 billion, up 7.4 percent since the end of 2016, the bank said in a statement.

The bank, which is a subsidiary of Kuwait Finance House, operates through 388 branches with 5,560 employees.