Kuwait City: National Bank of Kuwait (NBK), the largest Kuwaiti bank and the highest-rated in the Middle East, reported net profits of $814.4m (KD228.9m) for the first nine months of 2012 compared with $802.4m (KD225.6 m) for the same period of 2011. NBK’s third quarter 2012 net profits reached $384.6m
(KD108.1m) compared to $280.7m (KD78.9m) in the third quarter of 2011.
At the end of September 2012, NBK Group’s total assets reached $58.1bn (KD16.34bn), up 24.5pc compared to September 2011, while total group shareholders’ equity reached $8.4bn
(KD2.37bn), up 5pc year-on-year.
Ibrahim Dabdoub, NBK’s Group Chief Executive Officer said, “NBK managed to deliver another strong quarter notwithstanding the ongoing challenges. The operating environment continues to pose some barriers to our potential for growth. Government spending continues to be insufficient and the tendering of new projects has significantly lagged leading to a stagnant stock market performance and dormancy in economic activity. Moreover, the developing geopolitical tensions are also putting further pressures on the business sentiment both locally and in the region”.
The Peninsula
