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E-banking leader posts record profit

National Bank of Kuwait, one of the regional leaders in developing electronic banking services, has seen a surge in profits.

National Bank of Kuwait (NBK), one of the regional leaders in developing electronic banking services, turned in record profit of KD 27.7 million ($ 90 million) for the first quarter of 2001.

That was a 13% increase over the same period last year. NBK’s return on shareholders equity (ROE) rose to 26.8%.

NBK’s Internet banking service, Watani-Online, has been widely praised and was rated a ‘1+’ in a recent study by Pyramid Research, a division of The Economist Intelligence Unit. Numerous services are available on the offering, including online trading of global equities.

“Our investments in banking technologies are critical steps for our continued growth and leading position in the region,” said Ibrahim S. Dabdoub, CEO, NBK. “This important competitive advantage will be a main driver behind the bank’s strategy to expand its franchise within the Middle East region.”

NBK had total assets of KD 4.1 billion ($13.4 billion) at the end of 2000.

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