The National Bank of Kuwait (NBK), the largest bank in the oil-rich Gulf emirate, announced Sunday, January 21, a 7.6 percent increase in profits last year. Net profit in 2000 rose to 100.4 million dinars ($329.2 million), chief executive officer Ibrahim Dabdoub said in a statement. Return on equity (ROE) increased to 25.3 percent, while return on assets (ROA) rose to 2.5 percent.
The bank already boasted a record profit of $306 million in 1999, on top of $265 million the previous year. In 2000, it was declared the most profitable Arab bank.
"It reflects our strong domestic franchise, the bank's discipline in managing risk, and ability to capitalize on emerging growth opportunities," Dabdoub said. "NBK's strong performance came despite a lackluster business environment."
The bank was founded by Kuwait's leading merchant families in 1952 as the Gulf state's first commercial bank. Its long-term credit rating has been upgraded to "A-" by leading international rating agencies.
NBK's total assets topped $13 billion on September 30. —(AFP)
© Agence France Presse 2000
© 2001 Mena Report (www.menareport.com)
