NBK reports record net profit

National Bank of Kuwait posts 2003 net profit of US $412 million, a record for the bank.

  • E-Mail
By  David Ingham Published  January 19, 2004

The rise and rise of National Bank of Kuwait (NBK) continues. The banking giant reported net profit of US $412 million in 2003, a rise of 14% year on year. Return on equity was 27.7% and return on assets came in at 2.27%. “Careful execution of a well focused strategy yielded positive results,” said Ibrahim S. Dabdoub, CEO of NBK. “We were able to grow while maintaining our discipline in managing risk and cost. More importantly, we took bold steps to ensure growth can be sustained in the future.” 2003 saw NBK open an onshore commercial branch in Bahrain, where previously it was restricted to offshore operations. The bank says that steps were also made towards establishing a presence in Jordan and Saudi Arabia, and that acquisitions are actively being sought. Assets stood at US $18.4 billion at the end of 2003 and the bank’s capitalisation reached US $7.3 billion on the Kuwait Stock Exchange. NBK continues to boast some of the highest ratings amongst Arab banks. Moody’s puts it at A2; FitchRatings at A+; Standard & Poor’s at A; and Capital Intelligence at A.

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