NBK reports record net profit of US $195 million for first half of 2003

National Bank of Kuwait (NBK), the largest financial institution in Kuwait, reported a net profit of US $195 million for the first half of 2003 compared to US $188 million for the same period last year.

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By  Massoud Derhally Published  July 9, 2003

National Bank of Kuwait (NBK), the largest financial institution in Kuwait, reported a net profit of US $195 million for the first half of 2003 compared to US $188 million for the same period last year.

In a statement, the bank said the new results have resulted in a return on equity of 26.7% and a return on assets of 2.2%.

“Our first half results are quite encouraging, considering the low interest rate environment we have been experiencing for over two years. We have achieved meaningful growth in profits in practically all business areas, while expanding our already dominant market share”, said Ibrahim Dabdoub, CEO of NBK.

“Underlying our solid performance is a well focused strategy of delivering the best service and solutions to our customers, diversifying income sources and managing risks prudently. Over the years, this approach has helped us maintain an enviable record or consistent growth in profits and superior returns to shareholders.”

“Careful execution of our strategy has been equally instrumental in shaping our performance.”

Commenting on recent regional developments and their impact on Kuwaiti banks, Dabdoub said: “With the new situation [in Iraq] we cannot but be optimistic that Kuwait and its banks will flourish. More important than the opportunities that the reconstruction of Iraq will present to the Kuwaiti business sector is the enhanced confidence of local and foreign investors alike.”

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