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National Bank of Kuwait profit jumps on improved economy

NBK posted a net profit of 60.85 million dinars ($216.5 million) compared with 47.2 million dinars ($168 million) in the corresponding period of 2013

Published: Updated:

National Bank of Kuwait, the emirate's largest lender, said Wednesday its second quarter net profit jumped 28.9 percent on the back of improvement in domestic economic activity.

In the three months period to June, NBK posted a net profit of 60.85 million dinars ($216.5 million) compared with 47.2 million dinars ($168 million) in the corresponding period of 2013, the bank said in a statement.

The bank's net profit in the first half of 2014 also increased 12.6 percent to 144.8 million dinars ($515.3 million) from 128.5 million dinars ($457.3 million) in the same period of last year, the statement said.

New NBK chief executive officer Isam al-Sager attributed the increase to a pick up in local economy.

"There is a noticeable improvement in the process of tendering, award and execution of the large infrastructure projects, which has also reflected positively on the overall private sector sentiment and accordingly on banks' credit growth. This is a trend we hope will continue," Sager said.

The bank's assets grew by 11.7 percent as on June 30 to $71.1 billion from a year earlier, while shareholders' equity rose 5.3 percent to $8.9 billion.

NBK, the largest financial institution in Kuwait, has around 170 branches in several Arab and foreign cities, including New York, London, Paris and Geneva.