National Bank Of Kuwait Q1 Net Profit Flat at $291 Million

National Bank Of Kuwait Q1 Net Profit Flat at $291 Million

National Bank of Kuwait the Gulf state's largest lender, posted flat first-quarter net profit on Monday, in line with analysts estimates, and the Kuwaiti lender said it was navigating a challenging market environment.

April 16, 2012 3:41 by kippreport

Net profit for the first-quarter stood at 81 million dinars ($291 million) in the quarter to end-March, compared with 80.7 million in the same period a year ago.

Analysts had forecast an average net profit of 81.72 mln dinars for the first quarter according to a Reuters poll.

“NBK’s strong financial position underpins the bank’s ability to generate solid performance despite the challenging operating environment,” an NBK statement quoted Chief Executive Ibrahim Dabdoub as saying.

Total assets rose 3.5 percent to $51.8 billion and net operating income reached $481.4 million for the quarter, NBK said.

The bank, which ranks among the top regional lenders in terms of assets and profits, said last week it had received the central bank’s approval to increase its stake in Boubyan Bank to 60 percent from 47.29 percent.

NBK has been building its Islamic banking business and in April last year raised its stake in Islamic lender Boubyan Bank to 47 percent.

NBK shares have risen 4 percent year-to-date. ($1 = 0.2784 Kuwaiti dinars) (Reporting by Dinesh Nair)