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Kuwait's largest lender falls short of profit target

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Tuesday, 16 December 2008
MISSED TARGET: The National Bank of Kuwait will not meet its profit target for 2008.
MISSED TARGET: The National Bank of Kuwait will not meet its profit target for 2008.

National Bank of Kuwait, the country's biggest lender by assets, said on Tuesday it will not be able to meet its 2008 profit target of 320-330 million Kuwaiti dinars ($1.17-1.20 billion).

"We will not post the 320-330 million dinars that we have been talking about in the past but for sure it will be above 300 million dinar," chief executive Ibrahim Dabdoub told Al Arabiya television.

Dabdoub said NBK's net profit for the first 11 months of 2008 amounted to 291 million dinars compared with 271 million dinars last year.

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The lender posted a net profit of 273.6 million dinars in 2007. (Reuters)

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