Kuwait's NBK second-quarter profit up 16% on strong domestic conditions - The National

Kuwait's NBK second-quarter profit up 16% on strong domestic conditions - The National:

National Bank of Kuwait (NBK), Kuwait’s largest lender, posted a 16.3 per cent rise in net profit in the second quarter of 2018, boosted by a strong domestic operating environment and increased spending on infrastructure in the Arabian Gulf, and said it plans to expand its business in Saudi Arabia, the region’s largest economy.

Second-quarter net profit grew to 92.3 million Kuwaiti dinars (Dh1.13 billion) from 79.3m dinars in the year-earlier period – the strongest growth the bank has registered in six quarters, NBK said on Monday.

Net operating income grew by 10.9 per cent year-on-year to 442.2m dinars during the second quarter, driven by robust lending volumes, improving margins and strong fee business. Total assets grew by 5.7 per cent 26.9bn dinars while total shareholders’ equity increased by 4.1 per cent to 3bn dinars.