National Bank of Kuwait (NBK), the leading bank in Kuwait and the highest rated bank in the Middle East, was recognized by Global Finance magazine as the “Best Foreign Exchange Provider for 2010".
Commenting on the occasion, NBK Treasury Group General Manager George Richani said: "It is indeed an honor to be awarded this highly coveted and prestigious award. Best Foreign Exchange Provider for 2010, which comes in recognition of NBK's unique and leading position in the market as well as its impressive achievements management expertise".
It is worth mentioning that NBK reported net profits of USD 925 million (KD 265.2 million) for 2009, up 4% from the previous year. The increase in profits was attained even after taking additional and voluntary general provisions as a precaution against any further deterioration in economic conditions and financial markets due to the global financial crisis. NBK’s operating income rose to USD 1,808 million (KD 518 million) from USD 1,773 million (KD 508 million) in 2008, total assets reached USD 45 billion at the end of 2009 and shareholders’ equity rose to USD 6 billion. Other profitability indicators remained strong by regional and international standards: Return on Assets (ROA) was 2.2% while the Return on Equity (ROE) recorded 18.4% for the year.
