Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait- NBK Q1 net profit up 3.2% to $298mn  Join our daily free Newsletter

MENAFN - Arab Times - 15/04/2014
No. of Ratings : 0
Add to Mixx!


(MENAFN - Arab Times) National Bank of Kuwait (NBK), the largest Kuwaiti bank, reported net profits of 298 million (KD 83.9 million) in 1Q2014 compared with 289 million (KD 81.3 million) in 1Q2013, up 3.2% year-on-year. As of end 1Q2014, NBK Group's total assets reached 72.8 billion (KD 20.5 billion) up 13.1% compared to March 2013, whilst total shareholders' equity increased by 4.5% year on year to 8.8 billion (KD 2.47 billion). Loans and advances reached 38.9 billion (KD 10.95 billion) at end 1Q2014 up 9.6% compared to same period last year, while customer deposits reached 39.5 billion (KD 11.12 billion), up 12.9% compared to last year



Asset quality ratios continued to improve with Non-performing loans (NPL) to gross loans ratio dropping to 1.93% at end 1Q2014 down from 2.72% a year earlier and NPL coverage ratio increased to 203% as at end 1Q2014 up from 156.1% last year. Isam Al-Sager, NBK's Group Chief Executive Officer said "NBK's profits for the quarter are a further confirmation of NBK's capacity to deliver growth, thanks to its strong financial position, exceptional asset quality levels and conservative approach to management." Al-Sager also highlighted that NBK's 1Q2014 profits are mostly driven by the growth in core banking business "We continued to focus on core banking business across our locations. In 1Q2014 NBK's net operating income grew by 7.6% year on year to 563 million (KD 158.4 million)," Al-Sager added.



Al-Sager also pointed out the overall improvement in the operating environment in Kuwait and how this is reflecting on NBK's growth outlook and business sentiment. "We have recently been witnessing an improvement in the business environment in Kuwait. More of the larger infrastructure projects are being awarded and work is being done at a faster pace. This all will reflect on the business sentiment and improve the outlook for the private sector. We hope this trend will continue going forward with more government spending n projects and infrastructure development". Al-Sager added




On the strategy side, Al-Sager confirmed NBK's strategic direction focusing on income diversification. "The implementation of our regional and international strategy remains on track. We continue to focus on the GCC markets to leverage NBK's strong franchise there. On that front, NBK has recently opened its new UAE head office in Dubai following the inauguration of business in Abu Dhabi branch in 2013. In 1Q2014 NBK Group's international banking profits grew by 15.5% year on year confirming the strength of NBK's international operations. Moreover, expansion into Islamic banking through the acquisition of 58.4% of Boubyan Bank continues to pay off as Boubyan's contribution to the group's profitability and balance sheet increases over time," Al-Sager commented



The bank's vice chairman Nasser al-Sayer said last month that Kuwait's domestic operating environment was improving. The market is seeing some acceleration in the tendering, award and execution of some large infrastructure projects. NBK continues to enjoy collectively the highest ratings among all banks in the Middle East from the three international rating agencies Moody's, Fitch Ratings and Standard and Poor's. The Bank's ratings are supported by its high capitalization, prudent lending policies, and its disciplined approach to risk management, in addition to its highly recognized and very stable management team



NBK was also named among Global Finance's list of the 50 safest banks in the world for the eighth consecutive time. NBK enjoys the widest banking presence with an international network reaching 170 branches worldwide. NBK's international presence spans many of the world's leading financial centers including London, Paris, Geneva, New York and Singapore, as well as China (Shanghai). Meanwhile, regional coverage extends to Lebanon, Jordan, Iraq, Egypt, Bahrain, Qatar, Saudi Arabia, the UAE, and Turkey

 


Arab Times




  MENA News Headlines
 Feb 19 2017 - Abdelilah Benkirane is the Main Contributor to the PJD's FundMorocco World News
(MENAFN - Morocco World News) var td_screen_width = document.body.clientWidth; if ( td_screen_width >= 1024 ) { /* large monitors */ document.write(' data-ad-client="ca-pub-9546318280945074" ...

 Feb 19 2017 - Muslim Canadian MP Subjected to Death Threats Over Parliamentary MotionMorocco World News
(MENAFN - Morocco World News)Canada, rightly so, prides itself on its welcoming and inclusive national character. There is, however, in all human societies, an ugly underbelly that occasionally ...

 Feb 19 2017 - Italian National Accused of Killing Two Moroccans and Burn their BodiesMorocco World News
(MENAFN - Morocco World News) Italian police found the burned bodies of the two victims inside a car in the area of Cingoli, in the Macerata region. The Public Prosecutor is calling upon the ...

 Feb 19 2017 - King Mohammed VI, Ghanaian Pres. Chair Signing Ceremony of 25 Bilateral AgreementsMorocco World News
(MENAFN - Morocco World News) Governmental agreements: A memorandum of understanding to open talks on an agreement regarding reciprocal investment promotion and protection. An agreement ...

 Feb 19 2017 - King Mohammed VI Holds Private Meeting with President of Republic of GhanaMorocco World News
(MENAFN - Morocco World News) Following the meeting, the two leaders exchanged symbolic presents. Afterwards, the Ghanaian president decorated King Mohammed VI with the Order of the Star of ...

 Feb 19 2017 - Morocco Takes Part in Prague International Fair 'Holiday World'Morocco World News
(MENAFN - Morocco World News) According to the ONMT, the four-day event, which is expected to attract some 48,000 visitors this year, is an opportunity to promote the destination of Morocco in the ...

 Feb 19 2017 - Morocco's Return to AU Will Enhance Inter-African Cooperation: Danish Foreign MinistryMorocco World News
(MENAFN - Morocco World News) Morocco reintegration into the AU 'brings together all the African nations,' the source pointed out, noting that 'in these times of globalization, it is a welcome ...

 Feb 19 2017 - King Mohammed VI to Visit Guinea February 22Morocco World News
(MENAFN - Morocco World News) While chairing the summit, Condé blocked the maneuvers of Morocco's rivals, urging them to respect the majority of countries that supported Morocco's return to the ...

 Feb 19 2017 - Photo of Mexican-American Actress Salma Hayek in Morocco Goes ViralMorocco World News
(MENAFN - Morocco World News) Valentina was taking a picture when this EPIC photobomb occurred! #monkey #morocco Este mono se coló en la foto que me tomo Valentina Une publication partagée par ...

 Feb 19 2017 - Atlas Mountain in Mango's Latest Ad CampaignMorocco World News
(MENAFN - Morocco World News) The Iberian ready-to-wear brand has chosen the Atlas Mountains as a setting for 'Beyond The Mirror', the brand's latest advertising campaign accompanying the launch of ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help