Kuwait: NBK Reports Profit of USD 543.5 MlnSource: www.export-egypt.com 7/11/2017, Location: Middle East |
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National Bank of Kuwait (NBK) reported net profits of KD 164.7 million (USD 543.5 million) for the period of 1H 2017 compared to KD 150.6 million (USD 497.1 million) for the same period in 2016.
NBK's profits during the 1H 2017 grew by 9.3 percent compared to the same period last year. NBK's 2Q 2017 net profits reached KD 79.3 million (USD 261.8 million), compared to KD 71.7 million (USD 236.6 million) for the same period in 2016 recording an increase of 10.7 percent YoY. As of end of June 2017, NBK's total assets grew by 5.8 percent on annual basis, to reach KD 25.5 billion (USD 84.0 billion), while total shareholders' equity increased by 1.0 percent to KD 2.9 billion (USD 9.5 billion). Customer loans and advances, as of end of June 2017, have also grown by 4.6 percent compared to the same period last year, to reach KD 14.3 billion (USD 47.3 billion) while customers' deposits grew by 8.0 percent to reach KD 13.6 billion (USD 44.8 billion) Non-performing Loans (NPLs) dropped to 1.23 percent as of end of June 2017 from 1.40 percent as of June 2016, while coverage ratio increased to 371 percent compared to 330 percent last year. Capital adequacy ratio reached 17.5 percent as of end of June 2017 ahead of all regulatory requirements. NBK's Chairman Nasser Musaed Al-Sayer said: "The continuity of growth in NBK's profits during the 1H 2017, is yet another evidence and confirmation of the strength |
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