National Bank of Kuwait (NBK) reported a record net profit of $447 million (KWD 129 million) during the first six months of 2006.
Earnings for Kuwait’s leading bank were up by 32% compared with the same period last year, and the lender also demonstrated strong earning power with a growth in return on average assets to 4.1% and return on beginning equity to 39.7%.
Over the last two years, as part of its ambitious regional expansion strategy, RBK has acquired a 20% stake in the International Bank of Qatar and a 75% controlling share in Credit Bank of Iraq. The group has also set up new operations in Jordan, Saudi Arabia and China (Shanghai).
We are very pleased with our accomplishments and our continued ability to generate record profits year after year, said Ibrahim Dabdoub, CEO of NBK.
Our results this year reflect positive momentum across all business lines, manifested in underlying growth in business volume from new and existing clients, industry leading service quality, and market share gains in our core businesses, he added.
NBK’s total assets reached $22.9 billion at the end of June 2006, while its shareholders’ equity stood at $2.6 billion.