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10 Oct

National Bank of Kuwait Q3 net profit rises 7.3 pct


National Bank of Kuwait, the Gulf Arab state’s largest commercial lender, reported a 7.3 percent rise in third-quarter net profit, it said in a statement on Monday.
The bank made a net profit of 73.7 million dinars ($243.8 million) in the three months to Sept. 30, compared to 68.7 million dinars a year earlier, Reuters calculated based on nine month financial statements in lieu of a quarterly breakdown.
EFG Hermes forecast NBK would make a quarterly net profit of 78.5 million dinars.
The bank said nine-month net profit was 238.4 million dinars, compared to 219.3 million dinars a year ago.
The bank said the rise in net profit for the nine month period was primarily due to higher net interest income, higher net income from Islamic financing and higher investment income.
It said the performance was driven by strong growth in business volumes and increases in benchmark interest rates.

Source: Q8DailyNews


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