National Bank of Kuwait might have to take more provisions for NPLs, says CEO

Kuwait’s largest commercial lender reported a 6.3 per cent decline in fourth-quarter net profit to $180.8 million
National Bank of Kuwait might have to take more provisions for NPLs, says CEO
By Reuters
Mon 08 Feb 2016 08:51 AM

National Bank of Kuwait might have to take further provisions for non-performing loans if markets remain weak, its chief executive Isam al-Sager said in an interview aired on Saudi Arabian-owned Al Arabiya television on Sunday.

Last month, the Gulf state's largest commercial lender reported a 6.3 per cent decline in fourth-quarter net profit to 54.24 million dinars ($180.8 million). Sager said in the interview that the fall was due to declining stock markets and precautionary provisions.

"There have to be precautions and provisions if the situation continues with declining asset prices and declining stock markets that would lead to bad results," Sager said. "It would require us to take more provisions."

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.