Kuwait's NBK reports 35% fall in Q3 net profit

  • Share via facebook
  • Tweet this
  • Bookmark and Share

National Bank of Kuwait (NBK), the Gulf Arab state's largest lender, reported a 35.3 percent fall in its third-quarter net profit on Wednesday, Reuters calculations show, mainly due to a one-off gain recorded in the year-ago period.

Net profit for the three months to the end of September 30 was KD70m ($248.4 million), compared with KD108.1m in the corresponding period in 2012, Reuters calculated from the bank's previous financial statements.

The profit slightly missed the average estimates of six analysts who had predicted a quarterly profit of KD72.3m.

NBK's nine-month net profit was KD198.6m compared with KD228.9m a year ago, it said in an emailed statement.

The lender recognised exceptional gains of $288 million during the year-ago period because of the consolidation of results of Boubyan Bank, it said in the statement. Excluding the gain, net profit for the nine-month period rose 34.7 percent, NBK said. It did not provide quarterly figures.

The domestic operating environment continues to improve and the overall outlook is more positive, NBK's long-serving Chief Executive Ibrahim Dabdoub said in a statement.

"We have started witnessing some acceleration in the tendering, award and execution of some of the large projects as the government proves determined to advance the execution of the development plan," Dadboub said.

Kuwait's 30 billion dinar economic development plan, announced in late 2010, has been delayed by political infighting and chronic bureaucracy.

A more stable political environment since late last year had fuelled hopes that Kuwait will push ahead with huge infrastructure projects in the plan, to the benefit of local companies.

NBK's loans and advances by the end of September reached KD10.5bn, up 9.3 percent from year-ago period and customer deposits reached KD10bn, up 16 percent year-on-year, the lender said.

Related:

Market Performance

National Bank of Kuwait - Kuwait
990.0
-10.0 -1.0 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

Posted by: Complaint

Their losses will widen till they treat their customers in a better way.

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Finance talk with RAKBANK

Finance talk with RAKBANK

StartUp sat down with RAKBANK’s head of personal banking, Ian...

Tips from the top: Hisham Al Gurg

Tips from the top: Hisham Al Gurg

High profile investor and entrepreneur Hisham Al Gurg discusses...

1
The hubsters' ecosystem

The hubsters' ecosystem

Tamara Pupic visits Impact Hub Dubai, the first local branch...

Most Discussed
  • 24
    World's most pierced man refused entry to the UAE

    Tolerance has its limits everywhere including Dubai and those who considered Dubai a lawless circus were held accountable...so thank you Dubai authorities... more

    Thursday, 21 August 2014 10:51 PM - Khalil
  • 23
    Baby NOT on board?

    Some of you cry babies need to get your own personal apartments on the plane ! You cry more then the babies I have seen in my travels. LOL more

    Thursday, 28 August 2014 9:10 AM - Jim
  • 21
    Israel “must be punished” over Gaza, says Dubai police chief

    This high moral ground that Mick is talking abt sound very familiar. May I remind Mick that the US & its British ally alone killed over 1 million innocent... more

    Thursday, 7 August 2014 4:12 PM - Mathew