NBK reports record net profit

National Bank of Kuwait's profit for the first nine months of 2003 is a new record for the bank.

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By  David Ingham Published  October 12, 2003

National Bank of Kuwait (NBK) reported a net profit of US $305 million (KD 89.9 million) for the first nine months of 2003, a 7% increase on the previous year. Return on equity was 27.3% and return on assets 2.3%.

"I am very pleased with our performance this year, considering the challenging environment we have been facing and the profitability pressures from low interest rates," said Ibrahim Dabdoub, CEO of NBK. "Our ability to execute a well focused strategy of diversifying income sources and managing risks prudently is evident in our results."

NBK is Kuwait's largest bank and has received high marks from international rating agencies, including long term ratings of A2 from Moody's, A+ from FitchRatings and A from Standard & Poor's. The bank has a capital base of US $1.8 billion and assets of US $17.6 billion.

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