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Kuwait's NBK Q2 profit up 18.6% despite sluggish economy

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(Globalpost/GlobalPost)

National Bank of Kuwait, the emirate's largest lender, said Tuesday its second quarter to June net profit rose by 18.6 percent from the corresponding period of last year despite a sluggish economy.

The bank said it posted a net profit of 47.2 million dinars ($165.6 million) in the April to June period compared to 39.8 million dinars ($139.6 million) in the corresponding period of 2012.

Its net profit for the first six months of the year rose 6.4 percent to 128.5 million dinars ($450.9 million) from 120.8 million dinars ($423.8 million) in the same period of last year.

"NBK continued to deliver solid performance despite the slow pace of economic activity so far this year," the bank's CEO Ibrahim Dabdoub said in a statement.

"NBK's conservative management practices and its strong financial position helped the bank sustain its profitability and resilient market position."

The bank's assets grew by 25.3 percent as on June 30 to $62.8 billion from a year earlier, while shareholders' equity rose 3.9 percent to $8.4 billion.

NBK's 2012 net profit was at $1.08 billion, an increase of just 0.9 percent over 2011, largely due to what it said was a turbulent and stagnant year for the banking sector.

NBK, the largest financial institution in Kuwait, has around 170 branches in several Arab and foreign cities, including New York, London, Paris and Geneva.

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http://www.globalpost.com/dispatch/news/afp/130723/kuwaits-nbk-q2-profit-186-despite-sluggish-economy