National Bank of Kuwait posts 10% rise in Q3 profit

Q3 PROFIT: National Bank of Kuwait posted a 10 percent rise in third quarter results. (ITP Images)

National Bank of Kuwait (NBK), the country's largest bank, posted a 10 percent rise in third-quarter net profit.

Net income in the third quarter came in at KD75.5m ($264.4m), compared with KD68.59m, in the same period a year earlier, NBK said in a statement on Tuesday.

The bank had reimbursed customers with $66m for Madoff related products, which had weighed on its nine-month net profit, Ibrahim Dabdoub, NBK's chief executive said in the statement.

NBK has also made unrealised losses of $33m in the local investment portfolio, in addition to booking "voluntary judgemental loan provisions" of $66m in the first nine months, Dabdoub said in the statement.

The bank said it made a net profit of KD201.5m in the first nine months ending September 30.

Coast Investment had forecast third quarter net profit of KD68.24m. (Reuters)

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