Kuwait's top bank posts 13 percent rise in Q1 profits
The National Bank of Kuwait (NBK), the emirate's largest bank, announced Wednesday a 13 percent increase in profits in the first quarter of this year.
Net income rose to $90 million up to March 31, and return on equity also increased to 26.8 percent, one of the highest among international banks, NBK said in a statement.
"The results reflect our sound and focused strategy in managing the bank's assets and diversifying risk throughout the year," NBK chief executive officer Ibrahim Dabdoub said.
NBK boasted a record profit of $329 million in 2000 following $306 million in 1999.
The bank, founded by Kuwait's leading merchant families in 1952 as the Gulf state's first commercial bank, has one of the largest international networks among Arab banks.
NBK's long-term credit rating has been upgraded to "A-" by leading international rating agencies, including Standard and Poor's and Moody's. Its total assets stood at $13.4 billion at the end of 2000. — (AFP, Kuwait City)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)