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Sun 22 Nov 2009 11:29 AM

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The Middle East’s 25 smartest banks-National Bank of Kuwait

The Middle East’s 25 smartest banks-National Bank of Kuwait

NBK

reported a net profit of $703m for the first nine months of 2009. The largest bank in Kuwait,
NBK

achieved $263m for the third quarter ending September 30, 2009 compared with $239m for the same period in 2008, an increase of ten percent.

Today,
NBK

enjoys the largest presence in Kuwait with 67 branches, which together with its growing international representation adds up to 166 branches worldwide.
NBK

's international presence spans many of the world financial centres including London, Paris, Geneva, New York and Singapore, as well as in China (Shanghai) and Vietnam (Ho Chi Minh City). Meanwhile, the regional coverage extends to Lebanon, Jordan, Iraq, Egypt, Bahrain, Qatar, Saudi Arabia, Turkey, and the UAE.

NBK

has been consistently awarded the highest credit rating of all banks in the region from Moody's, Standard & Poor's, and Fitch Ratings. The bank's ratings are supported by its high capitalisation, prudent lending policies and its systematic approach to risk management, in addition to the recognised excellence of its very stable management.

In a summary report published by S&P's in October, the rating agency affirmed
NBK

's Long-term Rating at ‘A+'.

S&P stated that
NBK

's rating was supported by its strong capitalisation, resilient operating performance and a leading commercial position in the domestic market.

"
NBK

's performance remains solid and impressive despite the challenging environment for financial institutions worldwide," reiterated
NBK

CEO Ibrahim Dabdoub last month.

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