National Bank of #Kuwait Q2 2024 net profit up 3% on lower provisions

National Bank of Kuwait Q2 2024 net profit up 3% on lower provisions

National Bank of Kuwait (NBK), the Gulf country's largest lender, posted a net profit of 145.8 million dinars ($477 million) in Q2 2024, up 3.3% year-on-year (YoY) due to higher operating income and lower provisions, that were partly offset by higher operating expenses and higher taxes.

The net profit beat analysts’ mean estimate of KWD 143.34 million, according to LSEG data.

In a regulatory statement on the Kuwait stock exchange on Wednesday, NBK said operating revenue was KWD303.4 million versus KWD288 million in the year-ago period.

For the six-month period ending June 30, the bank made a net profit of KWD 292.4 million, up 6% on year.

The lender's board has proposed to distribute a semi-annual cash dividend of 10 fils per share, or 10% of the nominal value of the share.