National Bank of Kuwait (NBK) held its annual general assembly meeting at the bank’s headquarters yesterday. Nasser Al-Sayer, NBK Deputy Chairman, stated that NBK Group delivered success at every level despite a difficult year. “NBK Group achieved a strong performance thanks to the bank’s resilience, clear strategy, conservative culture, and high professional standards, all of which have limited the bank’s exposure to lower quality assets in and outside of Kuwait.”
The General Assembly endorsed the recommendation of NBK’s Board of Directors to distribute a cash dividend equivalent to 40% of the nominal value of the share (40 fils per share) and bonus shares by 10% (10 shares for every 100 shares) to shareholders on record at the time of the General Assembly meeting.
Strong financial performance
Al-Sayer stated that NBK has succeeded in achieving a net profit of KD 302.4 million ($1,086 million) during 2011, compared with KD 301.7 million ($1,083 million) in 2010. “NBK continued crossing the threshold of one billion dollar profits in 2011, which confirms NBK’s strength and ability to deliver strong results despite the crisis,” he noted.
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