Dubai PR Network, Online Press Release from Dubai and Middle East
 
Banking & Insurance(Banking & Investments)
Filter PR by
  
NBK reports a net profit of USD 450.3 million for the first half of 2013
 
NBK reports a net profit of USD 450.3 million for the first half of 2013

• Dabdoub: NBK delivers solid performance despite a still challenging operating environment
• We are cautiously optimistic on government spending as we see project awards and execution accelerating

National Bank of Kuwait (NBK), the largest Kuwaiti bank and the highest-rated in the Middle East, reported net profits of USD 450.3 million (KD 128.5  million) for the first half of 2013 compared with USD 423.2 million (KD 120.8 million) for the same period in 2012, up 6.4% year-on-year (YoY).

As of end of June 2013, NBK Group's total assets reached USD 62.8 billion (KD 17.9 billion) up 25.3% compared to June 2012, while total shareholders' equity increased by 3.9% YoY to USD 8.4 billion (KD 2.4 billion).

Ibrahim Dabdoub, NBK's Group Chief Executive Officer said “NBK continued to deliver solid performance despite the slow pace of economic activity so far this year. NBK's conservative management practices and its strong financial position helped the bank sustain its profitability and resilient market position”.

“NBK continues to focus on core banking activities in and outside Kuwait. The recent increase of our stake in Boubyan Bank to 58.4% strengthened our presence in the Islamic banking market and contributed to our operating income. In the 1H2013, net operating income grew 18.3% YoY to USD 1,095 million.” Dabdoub added.

Dabdoub also highlighted that domestically the overall outlook started improving. “We have started witnessing some acceleration in the tendering, award and execution of some of the large projects”. “During the second quarter NBK led several large financing transactions in the Kuwaiti market relating to public and private sector projects, an indication of the overall improvement in the economic outlook and business sentiment”, Dabdoub added.   

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 seventh consecutive time.

NBK continues to enjoy 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.
 


Posted by : Dubai PR Network Editorial Team
Viewed 21435 times
PR Category : Banking & Investments
Posted on : Thursday, July 25, 2013  1:12:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : UAE Banks Federation initiative to bear success in regulatin...
Next Story : UAE- IAA launch arabic version of “SAWYER”, a manual for int...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Inventive, Futuristic and Daring Translucent is a Distinguished Milestone for Police. [5490-Views]
Show your Nanny some love and treat them to a Complimentary Haircut throughout August and ... [4624-Views]
Introducing Lunette: A Tool to Empower Women [4209-Views]
Corum Golden Bridge Titane DLC - black beauty for the man of style [4032-Views]
Robinsons Showcases Malone Souliers' Stunning New Collection for Pre-Fall 19 [3812-Views]
Marks & Spencer Unveils Its Autumn 2019 Kidswear Collection [3617-Views]
Aesop's Parsley Seed Skin Priming Regimen [3355-Views]
Ferragamo Urban - 2019 Fall/Winter Collection [3349-Views]
GUESS - The Perfect Tote [3318-Views]
Ralph Lauren Debuts “Wear Your Story” Denim Campaign [3123-Views]
Corum Admiral Legend 42-Icon ahead [3117-Views]
Sandro: The Power Suit [3117-Views]
The future of photography and videography is in Canon's hands, with five 2019 EISA Awards [3099-Views]
Hormann announces speed rolling shutter DD S6 [3032-Views]
GEMS Education students shine with excellent A-Level examination results [3026-Views]
Al Ain Hospital doctors save young girl from 2.5 cm pin in her lungs [2995-Views]
Same Favourite Fragrance, New Innovative Products From the Ritual of Karma [2983-Views]
Forecasting Mesmerising Sea Views and Exotic Seafood at Gonu [2971-Views]
Tazio Nuvolari Vanderbilt Cup [2928-Views]
Jaguar I-pace: Redefining What It Means to Be a ‘CAR' [2916-Views]
Rock Chic Edit with GUESS [2910-Views]
Modular Sofa's by Boconcept [2873-Views]
Exceptional Playtime with Soundcore Vortex [2873-Views]
Autumn / Winter 2019-20 Men's and Women's Sneakers Collection [2873-Views]
Dubai Delivers on Tourist Volumes Again, With a Strong 8.36 Million Overnight Visitors in ... [2818-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories