Kuwait's NBK posts 46% rise in Q4 net profit

National Bank of Kuwait says it made net profit of more than $197m in three months to Dec 31
Kuwait's NBK posts 46% rise in Q4 net profit
National Bank of Kuwait
By Reuters
Tue 20 Jan 2015 02:26 PM

National Bank of Kuwait, the Gulf Arab state's largest commercial lender, reported a 46.4 percent rise in fourth-quarter net profit, but still fell short of analyst forecasts.

Net profit was 57.9 million dinars ($197.2 million) in the three months to the end of December, compared to 39.6 million dinars a year ago, according to the bank's financial statement released on Tuesday.

EFG Hermes had forecast the bank would report a net profit of 60.2 million dinars in the period, while Global Investment House had forecast a net profit of 88.3 million during the period.

Net profit for 2014 was 261.8 million dinars, compared to 238.1 million dinars in 2013, the bank said.

The bank also said its board had recommended a cash dividend of 30 fils per share and five percent bonus shares for 2014. This is in line with the dividend paid out for 2013.

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