National Bank of Kuwait reports dive in 2013 net profit
KUWAIT CITY - The National Bank of Kuwait (NBK), the emirate's largest lender, reported Wednesday that 2013 net profit dived 22 percent to 238.1 million dinars ($844 million/625 million euros).
But it said net would have risen 6.5 percent had it not been for 81.5 million dinars in extraordinary 2012 earnings from its Boubyan Bank unit that pushed the year's net to 305.1 million dinars. The bank did not say what generated the one-off gain.
Group CEO Ibrahim Dabdoub said "NBK's profits for the year affirm the group's strong financial position, market leadership and its conservative strategy."
"Despite the challenges in the corporate domestic market and the political instability in some of the regional markets, the bank managed to deliver a strong set of results," the statement added.
NBK assets reached $66 billion at the end of 2013, up 12.8 percent on a year earlier, while shareholders' equity increased by 3.3 percent to $8.4 billion.
NBK has 64 branches in Kuwait and another 107 that cover 16 countries in the Middle East and leading financial centres, including London, Paris, New York and Singapore.