NBK reports record profits of US $ 342 million for 2001

National Bank of Kuwait (NBK), Kuwait’s largest bank, reported a record net profit of US $ 342 million for 2001, up from US $ 327 million in the prior year.

  • E-Mail
By  Massoud Derhally Published  January 24, 2002

National Bank of Kuwait (NBK), Kuwait’s largest bank, reported a record net profit of US $ 342 million for 2001, up from US $ 327 million in the prior year.

The results show continued improvement in the bank’s results that boasts an unbroken record of consistently rising profits. NBK’s return on equity (ROE) advanced to 25.4% and the return on assets (ROA) rose to 2.57%, marking an impressive performance by regional and international standards.

“NBK’s market leadership and diversification of revenue sources have helped us overcome mounting challenges that confronted the global banking industry this past year. Our strong performance came against a backdrop of an unprecedented decline in interest rates, both domestically and internationally,” said Ibrahim Dabdoub, NBK’s CEO. “Uncertainties and risks following the September 11 events have weighed negatively on the domestic business environment as well as consumer confidence. Yet all of our business groups delivered better results,” added Dabdoub.

“NBK has succeeded in growing its business while keeping focused on controlling costs and maintaining the quality of assets and earnings. Our discipline in managing risk and ability to capitalize on emerging growth opportunities has been a hallmark of the bank. But, more importantly, our success goes back to the long-standing relationship with our customers and our commitment to meeting their needs with innovative and quality service in a convenient manner,” added Dabdoub.

The bank, which celebrates its 50th anniversary this year, was established in 1952 with a capital of one million Kuwaiti Dinars. By the end of 2001, the bank’s first tier equity grew to US $ 1.420 billion and its assets to US $ 14.6 billion. NBK has consistently received positive ratings by Moody’s, Standard & Poors and Fitch.

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code