NBK Q1 net profit rises 5.8pc to $291m
Kuwait, April 17, 2011
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
More Finance & Capital Market Stories
- Gulf stocks surge as Fed tapering adds fuel to fire
- SABB launches graduates programme
- NBAD names key official for Hong Kong
- Commercial Bank of Dubai obtains $450m loan
- EFG Hermes names group co-chief
- Islamic bond issuance in GCC picking up
- Kuwait budget surplus likely to hit $42.4bn
- Bahrain banking sector on road to recovery
- GCC banks' outlook stable, says report
- GBSA panel names new chairperson