National Bank of Kuwait SAK, the country’s largest lender, posted 2012 earnings that beat estimates amid what it called a “stagnant” operating environment. The shares fell after it proposed a lower dividend.
Net income rose 0.9 percent to 305.1 million dinars ($1.1 billion), the bank said in an e-mailed statement today. That compares with a mean estimate of 302.6 million dinars from five analysts, according to data compiled by Bloomberg.
“We achieved a solid set of results despite the ongoing challenges,” Group Chief Executive Officer Ibrahim Dabdoub said. “The outlook for 2013 has improved as we expect to see more government spending, mainly on mega projects, which in turn generates economic activity and creates opportunities for the private sector.” Last year was “turbulent” for the banking industry “as the operating environment remained stagnant,” Dabdoub said.
Kuwait’s NBK Profit Beat Estimates Amid ‘Ongoing Challenges’ - Bloomberg
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