Doha: National Bank of Kuwait (NBK), the largest Kuwaiti bank, reported net profits of $702m (KD198.6m) for the first nine-month of 2013 compared with $809m (KD228.9m) for the same period in 2012. Adjusting for the exceptional gains of $288m recognised in 9M2012 on the consolidation of Boubyan Bank, net profit recorded a 34.7 percent year on year growth, a press release said yesterday.
As of end of September 2013, NBK Group’s total assets reached $67bn (KD19bn) up 15.5 percnt compared to September 2012, while total shareholders’ equity increased by four percent year on year to $8.7bn (KD2.46bn). Loans and advances reached $37.2bn (KD10.5 bn) at September-end 2013 up 9.3 percnet compared to September 2012 and customer deposits reached $35.5bn ($10bn), up 16 percent compared to last year.
Ibrahim Dabdoub, NBK’s Group Chief Executive Officer said “NBK’s profits for the period reaffirm the group’s strong position in its domestic and regional markets. Despite the challenges in the corporate domestic market and the political instability in some of the regional markets, the bank managed to deliver a strong set of results with net profits growing at 34.7 percent year on year after normalising for the revaluation gains from Boubyan’s consolidation in 9M2012. We continued to focus on core banking business across our locations. In the 9M2013 period and excluding the exceptional gain recognized last year, NBK’s net operating income grew by 15.8 percent year on year to $1,652 million (KD467.1m),” Dabdoub added.
The Peninsula
