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 n 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
 Jun 27 2016 - Gartner Says By 2020, a Corporate "No-Cloud" Policy Will Be as Rare as a "No-Internet" Policy Is Today Hybrid Will Be the Most Common Use of the CloudMENAFN Press
(MENAFN Press) By 2020, a corporate "no-cloud" policy will be as rare as a "no-internet" policy is today, according to Gartner, Inc. Cloud-first, and even cloud-only, is replacing the defensive ...

 Jun 27 2016 - EGA PRODUCTS RATED FOR SUSTAINABLE BUILDING BY LEED AND DGNBMENAFN Press
(MENAFN Press) Products manufactured by Emirates Global Aluminium ("EGA") – one of the world's five largest producers of primary aluminium – have been declared suitable for sustainable building ...

 Jun 27 2016 - Egypt needs two decades to recover GDPMENAFN
(MENAFN) Egypt's economy is currently facing a chain of challenges that require a different solution to lead it to growth, former head of the Egyptian Businessmen's Association said."Egypt's economy ...

 Jun 27 2016 - Kempinski Hotel & Residences Palm Jumeirah Launch the Exclusive Beach Club MembershipMENAFN Press
(MENAFN Press) Introducing the new Beach Club membership, the luxurious Kempinski Hotel at Palm Jumeriah welcomes UAE residents to experience the recreational facilities for a month, six months or an ...

 Jun 27 2016 - UAE- OIC calls on authorities in Myanmar to investigate destruction of a MosqueEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) JEDDAH, 27th June, 2016 (WAM) -- The Secretary-General of the Organisation of Islamic Cooperation, OIC, Iyad Ameen Madani, has urged the authorities in ...

 Jun 27 2016 - UAE- FNC's first session of 16th legislative chapter concludesEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 27th June, 2016 (WAM) -- Noura Al Kaabi, Minister of State for Federal National Council Affairs, has said that discussions during the first ...

 Jun 27 2016 - UAE- Senior officials, intellectuals and media at Sharjah Media Centre Iftar banquetEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) SHARJAH, 27th June, 2016 (WAM) -- Senior Sharjah government figures, heads of departments, intellectuals and members of media attended a lavish Iftar ...

 Jun 27 2016 - UAE- Popular Party led by acting Prime Minister wins Spanish general electionEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) MADRID, 27th June, 2016 (WAM) -- The center-right Popular Party, led by acting Prime Minister, Mariano Rajoy, has won the repeat Spanish general election ...

 Jun 27 2016 - UAE- KF launches campaign to distribute food parcels to families in Gaza StripEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) GAZA, 27th June, 2016 (WAM) -- The Khalifa bin Zayed Al Nahyan Foundation, KF, yesterday launched a campaign to distribute food parcels to the ...

 Jun 27 2016 - UAE- Emirates Transport delegation visits school bus factory in ChinaEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 27th June, 2016 (WAM) -- A delegation from Emirates Transport, ET, has visited a factory for school buses in China in order to be briefed on new bus ...

more...


 





Google

 
 

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