KUWAIT CITY (AFP) – National Bank of Kuwait, the emirate’s largest lender, on Saturday reported a 20-percent rise in net profits for the first quarter of this year after a decline in the same period of 2009.
NBK posted a net profit of 264 million dollars in the first three months of 2010 against 218 million dollars in the same period last year. Its 2009 first-quarter results represented a decline compared with the year before.
Returns on assets reached 2.4 percent in the latest quarter, and returns on equity hit 18.1 percent.
“The 20-percent growth achieved in net profits is another strong indicator of our ability to consistently manage our operations, both inside and outside Kuwait, profitably,” chief executive Ibrahim Dabdoub said.
“NBK continues to benefit from its successful expansionary strategy, outstanding asset quality, strong capital position and sound risk management,” he added.
The bank’s assets grew by 5.9 percent to 44.1 billion dollars, as of 31 March, from 41.6 billion dollars a year ago, while its shareholders’ equity rose 17.4 percent to 6.2 billion dollars from 5.3 billion dollars.
Last year, NBK posted 925 million dollars in net profits, a four-percent rise from 2008.
As the largest financial institution in Kuwait, NBK has branches in 15 Arab and foreign cities including New York, London, Paris and Geneva.