NBK Q3 net profit rises 10 percent

National Bank of Kuwait (NBK) posted a net profit of KD75.5 million ($264.4 million) during the third quarter of the year, an increase of 10 percent compared to the same period a year earlier, reports Reuters. During the first nine months of the year, NBK said that it made a net profit of KD201.5 million ($705.7 million), a decrease of 17.3 percent as compared to the same period in 2008.

According to Ibrahim Dabdoub, NBK’s CEO, the bank had reimbursed customers with $66 million for Madoff related products this year, which adversely affected its nine-month net profit.