The National Bank of Kuwait (NBK) reported a net profit of $195 million for the first half of 2003 compared to $188 million for the same period last year. This puts NBK's return on equity at 26.7 percent and the return on assets at 2.2 percent, stated a press release.
Commenting on recent regional developments and their impact on Kuwaiti banks, CEO of NBK Ibrahim S. Dabdoub said: "The stability and resilience of the Kuwaiti banking system was no more evident than during the recent few months when geopolitical risks were quite accentuated. With the new situation we cannot but be optimistic that Kuwait and its banks will flourish. More important than the opportunities that the reconstruction of Iraq will present to the Kuwaiti business sector is the enhanced confidence of local and foreign investors alike."
NBK was founded in 1952 as the first indigenous bank and the first joint stock company in Kuwait and the Gulf Region. The bank enjoys a capital base of $1.8 billion and assets of $17.6 billion. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
