National Bank of Kuwait (NBK) reported a net profit of $412 million for 2003, a 14 percent increase over the year prior and a new record for the bank, stated a press release. The bank’s return on equity rose to 27.7 percent last year and return on assets improved to 2.27 percent.
NBK opened an onshore commercial branch in Bahrain last year and bank officials indicate that major preparatory steps have been made to open new branches in Jordan and Saudi Arabia. NBK is known to be pursuing acquisitions in other markets in the region. — (menareport.com)
© 2004 Mena Report (www.menareport.com )