NBK reports H1 net profit of $450 million
Kuwait, July 23, 2013
National Bank of Kuwait (NBK), the largest Kuwaiti bank, has reported net profits of $450.3 million for the first half of 2013 compared with $423.2 million for the same period in 2012, up 6.4 per cent year-on-year (YoY).
As of end of June 2013, NBK Group’s total assets reached $62.8 billion up 25.3 per cent compared to June 2012, while total shareholders’ equity increased by 3.9 per cent YoY to $8.4 billion.
Ibrahim Dabdoub, NBK’s Group chief executive officer said “NBK continued to deliver solid performance despite the slow pace of economic activity so far this year. NBK’s conservative management practices and its strong financial position helped the bank sustain its profitability and resilient market position.”
“NBK continues to focus on core banking activities in and outside Kuwait. The recent increase of our stake in Boubyan Bank to 58.4 per cent strengthened our presence in the Islamic banking market and contributed to our operating income. In the 1H2013, net operating income grew 18.3 per cent YoY to $1.095 billion,” Dabdoub added.
Dabdoub also highlighted that domestically the overall outlook started improving.
“We have started witnessing some acceleration in the tendering, award and execution of some of the large projects,” he noted.
“During the second quarter NBK led several large financing transactions in the Kuwaiti market relating to public and private sector projects, an indication of the overall improvement in the economic outlook and business sentiment,” Dabdoub added.
NBK continues to enjoy collectively the highest ratings among all banks in the Middle East from the three international rating agencies Moody’s, Fitch Ratings and Standard and Poor’s, a statement said.
The bank’s ratings are supported by its high capitalization, prudent lending policies, and its disciplined approach to risk management, in addition to its highly recognized and very stable management team. NBK was also named among Global Finance’s list of the 50 safest banks in the world for the seventh consecutive time. – TradeArabia News Service