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NBK registers $929m net profits, up 7.8pc

KUWAIT, January 21, 2016

National Bank of Kuwait (NBK) has posted net profits of $929.7 million (KD282.2 million) for last year, compared with $862.6 million (KD261.8 million) the previous year, growing 7.8 per cent year-on-year.
 
The total assets as of the year-end reached $77.8 billion (KD23.6 billion), up 8.3 per cent compared to year-end 2014, while total shareholders’ equity increased by 3.8 per cent to $8.6 billion (KD2.6 billion), said a statement.
 
Customer loans and advances reached $44.6 billion (KD13.6 billion) as of year-end 2015, growing 13.8 per cent year-on-year, while customer deposits grew 7.1 per cent during the same period to reach $39.7 billion (KD12.1 billion) as of year-end 2015.
 
Meanwhile, the bank's board of directors has proposed the distribution of 30 fils per share cash dividend, representing 30 per cent of the nominal share value. 
 
The board has also proposed the distribution of a five per cent bonus shares (five shares for every 100 shares) for the year.
 
Nasser Al-Sayer, chairman, said: “NBK continued delivering solid growth and healthy performance in 2015. Net profits in 2015 reached $929.7 million, 7.8 per cent year-on-year growth. 
 
"This is a testimony to NBK’s strong financial position, its market leadership and successful conservative strategy that the Bank has adopted since its founding in 1952.”
 
“Despite the large drop in oil prices over the past year, our outlook for the Kuwaiti economy remains positive. Kuwait has ample liquidity and substantial buffers making the impact of lower oil prices relatively less compared to other regional economies," said Al-Sayer.
 
"The government has affirmed in several occasions its commitment to continue with its capital expenditure plan mainly on infrastructure projects which we believe will relatively contain the impact of a period of lower oil prices on the operating environment in Kuwait,” he added. - TradeArabia News Service



Tags: NBK | profit | growth | Net |

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