Kuwait’s largest bank profits fall in Q1

KUWAIT CITY - National Bank of Kuwait’s net profits for the first quarter fell by 20 percent to 218 million dollars from 281 million dollars a year ago, the bank said on Tuesday.

By (AFP)

Published: Tue 21 Apr 2009, 6:33 PM

Last updated: Sun 5 Apr 2015, 10:12 PM

The oil-rich emirate’s largest bank, in a statement posted on the Kuwait Stock Exchange website, said its earnings per share stood at 75 (US) cents in the three months to March 31, compared to 96 cents last year.

NBK profits fell 6.7 percent to 886 million dollars in 2008 after it made voluntary provisions against the fallout from the global financial crisis.

The bank’s total assets in the first quarter of 2009 rose to 41.1 billion dollars from 9.4 billion dollars a year ago, while shareholders’ equity dropped to 5.2 billion dollars from 5.3 billion dollars.

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