NBK posts 12 percent profit rise

Published October 10th, 2000 - 02:00 GMT

The National Bank of Kuwait (NBK), the emirate's largest bank, announced Sunday a 12 percent increase in profits for the first nine months of this year. Net income rose to $248.5 million up to September 30, some $85.5 million of it made in the third quarter, chairman Abdul Rahman al-Bahar said in a statement. 

 

NBK boasted a record profit of $306 million in 1999 on top of $265 million the previous year. It was declared the most profitable Arab bank last year. 

 

"Our solid performance demonstrates NBK's continued emphasis on building its capabilities to deliver innovative services and diversify its revenue sources," chief executive officer, Ibrahim Dabdoub, said. 

 

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, Moody's and Fitch IBCA. 

 

The bank's total assets topped 13 billion dollars on September 30 this year. — (AFP, Kuwait City) 

 

© Agence France Presse 2000

© 2000 Mena Report (www.menareport.com)

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