The National Bank of Kuwait (NBK) reported a net profit of $91 million for the first quarter of 2002. It also reported an improvement in profitability ratios with return on equity (ROE) rising to 25.8 percent annualized. According NBK CEO Ibrahim Dabdoub, the bank’s performance was a result of its strategy of diversifying income sources and its conservative risk culture.
NBK is the largest and oldest indigenous bank in Kuwait and the Arabian Peninsula. Established in 1952 with a capital of one million Kuwaiti dinars ($3.2 million), NBK currently has a market capitalization of about five billion dollars. NBK also enjoys the highest financial strength rating among all Arab as well as emerging market banks from international rating agencies including Moody's, Standard & Poors and Fitch. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
