The National Bank of Kuwait posts record profit of $1 billion in 2011

The National Bank of Kuwait, the emirate’s top lender, said Thursday it posted a record net profit of 302.4 million dinars ($1.087 billion) in 2011 despite difficult challenges and Middle East unrest.

NBK’s net profit is only 0.2 percent higher than the 301.7 million dinars ($1.085 billion) for 2010, the bank said in a statement.

Total assets rose 5.4 percent to $48.9 billion at the end of 2011 from a year earlier, while shareholders’ equity rose 4.5 percent to $7.8 billion over the same period.

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