NBK Crosses $1 Billion Net Profit Mark Driven by Strong Loan Growth
KUWAIT CITY — National Bank of Kuwait, the Gulf state’s largest lender, reported a rise in first-half net profit to KD325 million ($1.1 billion), up from KD315 million a year earlier, driven by growth in loans and advances.
Net operating income rose nearly 5 percent to KD622 million, supported by stronger demand for core banking services and improved operating efficiency. Loans and advances increased by 9 percent year on year to KD27 billion by the end of June.
Second-quarter net profit rose almost 5 percent to KD189.3 million.
Group Vice Chairman and CEO Isam Al-Sager said Kuwait’s economy remains resilient despite regional and global challenges, adding that he expects a recovery once geopolitical conditions stabilise. He noted that increased oil production, project awards, and higher capital spending would support an improved operating environment.
NBK shares closed 0.7 percent higher at KD0.814 on Tuesday, though the stock is down nearly 17 percent since the start of the year.
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