National Bank of Kuwait (NBK), reported a net profit of $96 million for the first quarter of 2003 compared to $91 million for the same period last year. This puts NBK's return on equity at 26.2 percent and the return on assets at 2.2 percent. The bank reported profits of $355 million during 2002.
NBK was founded in 1952 as the first indigenous bank and the first joint stock company in Kuwait and the Gulf Region. It is the largest financial institution in Kuwait with an effective market dominance in the commercial banking market. Its international network includes branches, subsidiaries and representative offices in London, New York, Paris, Geneva, Bahrain, Beirut, Singapore, Vietnam and Thailand.
NBK enjoys the highest financial strength rating among all Arab as well as emerging market banks from international rating agencies including Moody's, Standard & Poor's and FitchRatings. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
