National Bank of Kuwait profits up 21 per cent

10 July 2008
National Bank of Kuwait has reported an increase of 21 per cent in profits for the first half of the year, to $661.3m, driven by the bank’s core business.

The bank also said that, following the acquisition of Al Watany Bank in Egypt, the purchase of a 40 per cent stake in Turkish Bank and the increase of its stake in International Bank of Qatar to 30 per cent, it now aims for international operations to contribute 50 per cent of profits by 2015. The current figure is 25 per cent.

Chief executive Ibrahim Dabdoub said these deals would help shape the institution’s strategy to become a regional bank.

The bank said return on assets in the period had grown by 3.1 per cent, with total assets now at $42.4bn.

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