National Bank of #Kuwait Q3 2023 net profit up 14%, beats estimate

National Bank of Kuwait Q3 2023 net profit up 14%, beats estimate

National Bank of Kuwait (NBK), the Gulf country's largest lender, posted a net profit attributable to owners of 155.8 million dinars ($503.5 million) in Q3 2023, up 14% year-on-year (YoY) due to higher operating income, that was partly offset by higher operating expenses and higher impairment charges.

The result topped analysts' mean estimate of KWD 141.4, according to Refinitiv's Eikon data.

In a regulatory statement on the Kuwait stock exchange on Tuesday, NBK said operating revenue for the period was KWD 297.9 million versus KWD 271 million in the year-ago period.

For the nine-month period, the bank made an attributable net profit of KWD 431 million, up 15% on year.