KUWAIT CITY: National Bank of Kuwait, the emirate’s largest lender, said Tuesday its second quarter to June net profit rose by 18.6 percent from the corresponding period of last year despite a sluggish economy.
The bank said it posted a net profit of 47.2 million dinars ($165.6m) in the April to June period compared to 39.8m dinars ($139.6m) in the corresponding period of 2012. Its net profit for the first six months of the year rose 6.4 percent to 128.5 million dinars ($450.9m) from 120.8 million dinars ($423.8m) in the same period of last year.
“NBK continued to deliver solid performance despite the slow pace of economic activity so far this year,” the bank’s CEO Ibrahim Dabdoub said in a statement.
“NBK’s conservative management practices and its strong financial position helped the bank sustain its profitability and resilient market position.”AFP
