NBK full-year net profit hits KD265.2 million

National Bank of Kuwait posted a full-year net profit of KD265.2m, compared with net profit of KD255.3m last year, NBK said in a statement on Monday. It did not give a breakdown for the fourth quarter.

The bank said yesterday that income from Egypt, Qatar and Turkey helped it quadruple fourth-quarter net profit, driving its stock almost four per cent higher.

The country's biggest bank saw net profit in the three months to December 31 of KD63.7 million (Dh814.3m), compared with KD11.6m in the year-earlier period, according to calculations.

"Our operations outside Kuwait continued to provide a stronger foundation for the stability of our profits with growing contributions from Egypt, Qatar, and Turkey," said NBK's Chief Executive Ibrahim Dabdoub in the statement.

The lender's board has recommended a cash dividend of 40 fils per share, and 10 bonus shares for every 100 shares, for 2009. The recommendation still needs the approval of the bank's shareholders. There are 1,000 fils to the dinar.

NBK said its operating income rose to KD518m in 2009 from KD508m a year earlier.

Total assets were at $45 billion (Dh165.1bn) at the end of 2009, while shareholder equity came in at $6bn, the lender said in the statement.

National Bank of Kuwait, which was launched in 1952, was the first national bank in Kuwait and the entire Gulf region.

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