NBK posts sharp Q2 profit drop on provisions

National Bank of Kuwait (NBK), the country's largest, posted a 32.7 percent fall in second-quarter net profit on provisions and a decline in the value of investments, but it expects good year results.

NBK Chief Executive Ibrahim Dabdoub also said in comments to Arabiya TV the bank had 2.8 million dinars ($9.73 million) exposure to troubled Saudi conglomerates Saad Group and Ahmad Hamad Al-Gosaibi and Brothers.

Shares of NBK, the country's largest by market value, rose 3.39 percent after the results, outperforming Kuwait's main index which ended up 1.94 percent.