The National Bank of Kuwait (NBK) reported a net profit of $355 million for 2002, up from $342 million from the previous year. This puts NBK's return on equity at 24.2 percent and the return on assets at two percent, stated a press release.
NBK continued to enjoy 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.
NBK is the largest and oldest indigenous bank in Kuwait and the Arabian Peninsula. By end 2002, first tier equity reached $1.5 billion and its assets grew to $17.6 billion. With market value of $5.2 billion, it is the largest and most profitable publicly held company in Kuwait and among the top companies in the Middle East. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
