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National Bank of Kuwait profit soars

July 16, 2014

AFP



Kuwait: National Bank of Kuwait (NBK), the emirate's largest lender, said on Wednesday its second quarter net profit jumped 28.9 per cent on the back of improvement in domestic economic activity.



In the three months period to June, NBK posted a net profit of KD60.85 million ($216.5 million) compared with KD47.2 million ($168 million) in the corresponding period of 2013, the bank said in a statement.



The bank's net profit in the first half of 2014 also increased 12.6 per cent to KD144.8 million ($515.3 million) from KD128.5 million ($457.3 million) in the same period of last year, the statement said. New NBK chief executive officer Isam al-Sager attributed the increase to a pick up in local economy.



"There is a noticeable improvement in the process of tendering, award and execution of the large infrastructure projects, which has also reflected positively on the overall private sector sentiment and accordingly on banks' credit growth. This is a trend we hope will continue," Sager said.



The bank's assets grew by 11.7 per cent as on June 30 to $71.1 billion from a year earlier, while shareholders' equity rose 5.3 per cent to $8.9 billion




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Source: Times of Oman


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