Kuwait: National Bank of Kuwait reported net profits of KD 261.8 million (USD 894.2 million) for the year 2014 compared with KD 238.1 million (USD 813.3 million) in 2013, 10% year on year growth.
NBK is the largest Kuwaiti bank. As of end of 2014, NBK Group’s total assets reached KD 21.8 billion (USD 74.4 billion) up 17.1% compared to year-end 2013, while total shareholders’ equity increased by 5.8% year on year to KD 2.5 billion (USD 8.6 billion). Loans and advances reached KD 11.9 billion (USD 40.7 billion) at year-end 2014 up 11.3% compared to year-end 2013 and customer deposits reached KD 11.3 billion (USD 38.5 billion), up 7.5% compared to 2013.
Asset quality ratios continued to improve with Non-performing loans (NPL) to gross loans ratio dropping to 1.5% in year-end 2014 from 1.96% in 2013 and NPL coverage ratio increasing to 276% at year-end 2014 from 200% in 2013. NBK’s board of directors has recommended a cash dividend of 30 fils per share (30% of the par value) and 5% bonus shares (5 shares for every 100 shares).
NBK Chairman Nasser Al-Sayer said, “NBK’s 2014 profits reflect the pickup in business volumes and the group’s ability to benefit from the ongoing improvement in the operating environment. NBK’s net operating income reached KD 661 million (USD 2,258 million) in 2014, up from KD 626 million in 2013 (USD 2,139 million), up 5.6% a year on year.”
