National Bank of Kuwait Q1 profit at US$291m

Net income relatively static at 0.2 percent increase, below analysts estimates
National Bank of Kuwait Q1 profit at US$291m
National Bank of Kuwait
By Bloomberg
Mon 16 Apr 2012 02:31 PM

National Bank of Kuwait, the country’s biggest bank, said first-quarter profit rose 0.2 percent amid “challenging regional and global conditions.”

Net income rose to KWD81m (US$291m) from KWD80.8m a year earlier, the bank said in an e-mailed statement today. The average estimate of three analysts was for a profit of KWD82m.

“Our focus on core banking operations in and outside Kuwait remained a differentiator as our regional operations delivered resilient performance and contributed to the strong profitability achieved in the first quarter,” group CEO Ibrahim Dabdoub said in the statement. Total assets reached 14.4 billion dinars at the end of March.

The shares closed unchanged at 1060 fils in Kuwait City today before the results were announced. The stock has gained 4.1 percent this year compared with a 6.6 percent increase for the benchmark KSE Index.

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