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Sun 22 Jul 2007 12:57 PM

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Kuwaiti banks post profits of $1.82bn

Banks on the Kuwaiti exchange see profits rise 33% in H1, with National Bank of Kuwait the best performer.

Banks on the Kuwait Stock Exchange (KSE) saw net profit during the first half of 2007 increase 33% year-on-year to KD522 million ($1.82 billion).

The National Bank of Kuwait (NBK) topped all eight banks listed on the bourse, posting net profits of $503 million, up 11.6% on the same period last year, Kuwait News Agency (Kuna) reported.

The earning per share during the first half of 2007 increased to 73 fils compared to 66 fils last year.

Kuwait Finance House (KFH) was the second best performer on the stock market, increasing net income by 56% year-on-year to $406.5 million.

KFH earning per share during the first half of 2007 increased to 73 fils compared to 47 fils during the same period last year.

Gulf Bank came in third place with net profit of $245.4 million for the first six months of the year, an increase of 40% on the same period in 2006.

Of the other banks listed on the Kuwaiti bourse, Burgan Bank saw profits increase by 79% to $160.7 million, while Boubyan Bank posted profits of $31.7 million, up 173% year-on-year. Al-Ahli Bank of Kuwait saw net income rise around 37%.

Kuwait International Bank was the only bank to suffer a drop in net profit, with income for the first half of the year down almost 40% year-on-year to $18.5 million.

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