Expansion helps NBK post 20% rise in Q1 profit

Expansion helps NBK post 20% rise in Q1 profit. (AFP)

National Bank of Kuwait (NBK), the country's biggest bank, said first quarter profit rose 20 per cent, bolstered by income from expansion in Egypt and Qatar.

Net income climbed to KD76.3m (Dh973m, $264m), from KD63.5m a year ago, the bank said. The group's total assets increased 5.9 per cent to KD12.7bn. As of the end of March, NBK Group's total assets were up 5.9 per cent to $44.1bn whereas total shareholders' equity increased by 17.4 per cent to $6.2bn, the company said in a statement. "The regional expansion strategy continues to pay off," CEO Ibrahim Dabdoub said in the statement. National Bank will further increase its market share in Kuwait after its acquisition of a majority stake in Boubyan Bank, he said.


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