National Bank of Kuwait (NBK), the country’s largest and oldest bank, reported a net profit of 83.2 million Kuwaiti dinars ($275 million) for the first nine months of 2001, up from KD 76.3 million for the same period last year. These figures translate into a nine percent increase in profits.
NBK’s return on assets (ROA) rose to 2.7 percent and return on equity (ROE) to 26.8 percent, the highest in the Arab World, according to a company press release. "We will remain focused on diversifying our activities and managing risks prudently," bank CEO Ibrahim Dabdoub said.
NBK posted record net profit of $329.2 million in 2000, while return on equity increased to 25.3 percent, and return on assets rose to 2.5 percent. In 1999, NBK reported a record profit of $306 million, the most profitable bank in the Arab World, with a return on average equity of 24.5 percent and total assets of $12.4 billion.
NBK was established in 1952 by Kuwait's leading merchant families as the first commercial bank in Kuwait and the Arabian Peninsula, with a capital of one million KD. NBK’s international network includes offices in London, New York, Paris, Geneva, Bahrain, Beirut, Singapore, Vietnam and Thailand.
Today NBK ranks as one of the largest regional institutions, with capital resources in excess of KD 380 million ($1.3 billion), NBK is ranked amongst the top 300 banks in the world and the fourth amongst Arab banks. Recently, NBK has been upgraded by Fitch IBCA from (BBB+) to (A-) in terms of long term credit. — (Mena Report)
© 2001 Mena Report (www.menareport.com)
