Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait- NBK Q1 net profit up 3.2% to $298mn  Join our daily free Newsletter

MENAFN - Arab Times - 15/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times) National Bank of Kuwait (NBK), the largest Kuwaiti bank, reported net profits of 298 million (KD 83.9 million) in 1Q2014 compared with 289 million (KD 81.3 million) in 1Q2013, up 3.2% year-on-year. As of end 1Q2014, NBK Group's total assets reached 72.8 billion (KD 20.5 billion) up 13.1% compared to March 2013, whilst total shareholders' equity increased by 4.5% year on year to 8.8 billion (KD 2.47 billion). Loans and advances reached 38.9 billion (KD 10.95 billion) at end 1Q2014 up 9.6% compared to same period last year, while customer deposits reached 39.5 billion (KD 11.12 billion), up 12.9% compared to last year



Asset quality ratios continued to improve with Non-performing loans (NPL) to gross loans ratio dropping to 1.93% at end 1Q2014 down from 2.72% a year earlier and NPL coverage ratio increased to 203% as at end 1Q2014 up from 156.1% last year. Isam Al-Sager, NBK's Group Chief Executive Officer said "NBK's profits for the quarter are a further confirmation of NBK's capacity to deliver growth, thanks to its strong financial position, exceptional asset quality levels and conservative approach to management." Al-Sager also highlighted that NBK's 1Q2014 profits are mostly driven by the growth in core banking business "We continued to focus on core banking business across our locations. In 1Q2014 NBK's net operating income grew by 7.6% year on year to 563 million (KD 158.4 million)," Al-Sager added.



Al-Sager also pointed out the overall improvement in the operating environment in Kuwait and how this is reflecting on NBK's growth outlook and business sentiment. "We have recently been witnessing an improvement in the business environment in Kuwait. More of the larger infrastructure projects are being awarded and work is being done at a faster pace. This all will reflect on the business sentiment and improve the outlook for the private sector. We hope this trend will continue going forward with more government spending on projects and infrastructure development". Al-Sager added



On the strategy side, Al-Sager confirmed NBK's strategic direction focusing on income diversification. "The implementation of our regional and international strategy remains on track. We continue to focus on the GCC markets to leverage NBK's strong franchise there. On that front, NBK has recently opened its new UAE head office in Dubai following the inauguration of business in Abu Dhabi branch in 2013. In 1Q2014 NBK Group's international banking profits grew by 15.5% year on year confirming the strength of NBK's international operations. Moreover, expansion into Islamic banking through the acquisition of 58.4% of Boubyan Bank continues to pay off as Boubyan's contribution to the group's profitability and balance sheet increases over time," Al-Sager commented



The bank's vice chairman Nasser al-Sayer said last month that Kuwait's domestic operating environment was improving. The market is seeing some acceleration in the tendering, award and execution of some large infrastructure projects. NBK continues to enjoy collectively the highest ratings among all banks in the Middle East from the three international rating agencies Moody's, Fitch Ratings and Standard and Poor's. The Bank's ratings are supported by its high capitalization, prudent lending policies, and its disciplined approach to risk management, in addition to its highly recognized and very stable management team



NBK was also named among Global Finance's list of the 50 safest banks in the world for the eighth consecutive time. NBK enjoys the widest banking presence with an international network reaching 170 branches worldwide. NBK's international presence spans many of the world's leading financial centers including London, Paris, Geneva, New York and Singapore, as well as China (Shanghai). Meanwhile, regional coverage extends to Lebanon, Jordan, Iraq, Egypt, Bahrain, Qatar, Saudi Arabia, the UAE, and Turkey

 


Arab Times




  MENA News Headlines
 Mar 31 2015 - Dubai's Majid Al Futtaim records USD6.8b revenues in 2014MENAFN
(MENAFN) Majid Al Futtaim, Dubai's shopping mall operator, recorded group revenue of about USD6.8 billion, marking an 11 percent increase over the same corresponding period of 2013, Arabian Business ...

 Mar 31 2015 - Dubai International Airport records 5.97m passenger trafficMENAFN
(MENAFN) Dubai International Airport registered to 5.97 million passenger traffic in February, marking an increase from the 5.68 million recorded year-on-year, Arab News reported.In 2014, Dubai ...

 Mar 31 2015 - Gcc Banks Continue Double-Digit Growth Momentum: Bcg StudyMuscat Daily
(MENAFN - Muscat Daily) According to a new study by The Boston Consulting Group (BCG), the banking industry in the Middle East maintained double-digit revenue growth in 2014 with a ten per cent ...

 Mar 31 2015 - 12 Consortia Seek To Pre-Qualify For Sultanate's Biggest Water ProjectMuscat Daily
(MENAFN - Muscat Daily) As many as 12 consortia are seeking to pre-qualify to participate in the main contract tender to develop Oman's largest independent water project (IWP) in Barka and Sohar. The ...

 Mar 31 2015 - Two Indian Planes On Standby In Muscat For Yemen EvacuationMuscat Daily
(MENAFN - Muscat Daily) Two Airbus 320 aircraft sent by the Indian government to rescue its nationals from Yemen were forced to wait at the Muscat International Airport on Monday after authorities in ...

 Mar 31 2015 - Kerry Says Working Into The Night On 'Tricky' Iran IssuesMuscat Daily
(MENAFN - Muscat Daily) US Secretary of State John Kerry said Monday he and his global counterparts were going to work deep into the night seeking to resolve the remaining "tricky issues" as a ...

 Mar 31 2015 - Grateful Singapore Gives Lee Kuan Yew A Hero's FuneralMuscat Daily
(MENAFN - Muscat Daily) More than 100,000 people lined Singapore's streets to bid farewell to its founding father Lee Kuan Yew on Sunday, officials said as a week of mourning ended in the city-state ...

 Mar 31 2015 - Hunt Resumes For Alps Plane Crash Dna, Black BoxMuscat Daily
(MENAFN - Muscat Daily) Investigators sifting through the wreckage of the doomed Germanwings plane in the French Alps were forced Monday to resume the hunt on foot as bad weather hampered helicopter ...

 Mar 31 2015 - 'Stark Choice' In Uk Election, Cameron Warns As Campaign BeginsMuscat Daily
(MENAFN - Muscat Daily) British Prime Minister David Cameron warned voters they faced a "stark choice" in May's tight election as he kicked off campaigning Monday after a ceremonial visit to Queen ...

 Mar 31 2015 - Another Blogger Hacked To Death In BangladeshMuscat Daily
(MENAFN - Muscat Daily) A Bangladeshi blogger was hacked to death in Dhaka on Monday.Three knife-wielding attackers set upon 27 year old Washiqur Rahman near his home on Monday morning, weeks after ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help