Wednesday 13 July 2011

Brickbats for Kuwait's NBK follow bouquets - The National

National Bank of Kuwait won plaudits for avoiding lending to troubled investment companies - unlike some of its rivals - but its conservative approach is winning few fans these days.

NBK posted a 4.4 per cent decline in net profit for this year's second quarter to 65.8 million Kuwaiti dinars from last year's second quarter. Analysts had been hoping for profit of 82.1m dinars, according to data from Bloomberg News.

'That's way below what we expected,' said Naveed Ahmed, a financial analyst at Global Investment House.

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