The National Bank of Kuwait (NBK) reported a net profit of $108 million for the first quarter of 2004 compared to $97 million for the same period last year.
The results put NBK's return on equity at 26 percent and the return on assets at 2.38 percent, stated a press release.
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. NBK reported profits of $412 million during 2003, among the highest in the Arab world. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
