NBK net profit flat in Q1, beats estimates
Kuwait, April 17, 2013
National Bank of Kuwait , the Gulf state's largest lender, reported a net profit of KD81.3 million ($285.5 million) for the first quarter of the year, compared to KD81.0 million in the same period a year ago.
Analysts in a Reuters survey had on average predicted 77.7 million dinars of net profit for the quarter.
As of end of March, NBK Group’s total assets reached $63.4 billion up 25.4 per cent compared to March 2012, while total group shareholders’ equity increased by 5.1 per cent year-on-year to $8.3 billion. NBK’s net operating income continued to improve in the first quarter of 2013, increasing by 10 per cent year-on-year to reach $517 million.
Ibrahim Dabdoub, NBK’s Group chief executive officer, said: “Our consistency in delivering strong results is a testimony to our strong financial position and focus on core banking business despite a challenging operating environment.”
“NBK proved resilient in the face of different crises and continued to deliver solid profits thanks to the bank’s conservative strategy, fundamental strength and robust risk management practices.”
Dabdoub also pointed out that 2013 holds a promising outlook for the operating environment in Kuwait in contrast to last year, in light of the government’s position to adopt a more dynamic fiscal policy and to accelerate implementation of mega projects. This is expected to boost economic activity and spur growth creating new opportunities in the local economy. – Reuters & TradeArabia News Service
More Finance & Capital Market Stories
- GIH picks ex-Barclays banker as investment head
- Jeddah Economic Company names new CEO
- Saudi real GDP growth surges to 3.1pc in Q3
- UAE business activity growth hits record high
- Global Islamic banking assets ‘set to top $1.7trn’
- Egypt back in business, says new survey
- United Arab Bank backs UAE-Turkey business
- Islamic finance 'facing integration challenge'
- Bahrain tops in developed Islamic finance sector
- DME sets new trading records