National Bank of Kuwait SAK, the emirate’s biggest lender, posted an 11.4 percent gain in profit in the first nine months of the year as it diversified income through its expansion strategy.
Net income increased to 225 million dinars ($795 million) from 202 million dinars in the same period last year, NBK said in an e-mailed statement today. The bank’s third-quarter profit rose 5.7 percent to 79.8 million dinars, according to Bloomberg calculations based on nine-month data provided by the company. Total assets reached 12.5 billion dinars in the nine-month period, NBK said.
“With our income sources becoming increasingly diversified, regional and international operations contributed more than 20 percent of the group’s net profits so far this year,” Chief Executive Officer Ibrahim Dabdoub said in the statement. “Whilst Egypt and Qatar remain our key markets and are performing very well, we expect further growth on the regional front and are pushing ahead with our plans to launch operations in Syria.”
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