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Wed 17 Apr 2013 03:40 PM

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NBK Q1 profits relatively unchanged

Kuwait based bank said net profit in the first three months of the year rose to $286m

NBK Q1 profits relatively unchanged

National Bank of Kuwait, the largest lender in the emirate, said first quarter profits were relatively unchanged increasing marginally by 0.5 percent from the same period a year earlier.

The Kuwait based bank said net profit in the first three months of the year rose to $286m from $284.5m in the same period in 2012.

The bank's total assets climbed 25.4 percent in the first quarter compared to the same period a year earlier, rising to $63.4bn.

"NBK proved resilient in the face of different crises and continued to deliver solid profits thanks to the bank’s conservative strategy, fundamental strength and robust risk management practices," Ibrahim Dabdoub, NBK’s Group Chief Executive Officer said in an e-mailed statement.

The bank increased its stake in Boubyan Bank to 58.4 percent in the third quarter of 2012, while also strengthening its franchise in the Gulf and international markets. NBK has more than 170 branches worldwide.

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