Kuwait’s NBK bank Q1 profit a record on foreign buys
April 12th, 2008 | by admin |KUWAIT, April 12 (Reuters) - National Bank of Kuwait(NBKK.KW: Quote, Profile, Research) (NBK), the Gulf’s third-largest lender by marketvalue, posted record profit in the first quarter after addingincome from overseas, including Egypt, Qatar and Turkey.
Net income in three months to March 31 jumped 28 percent to82 million dinars ($308.5 million), compared with 64 milliondinars in the year-earlier period, the bank said in a statement.
Operating income rose 30 percent to 134.3 million dinars,and return on average assets was 2.87 percent, the bank said.
Kuwait’s Global Investment House had expected first-quarterprofit of 74 million dinars, according to a Reuters survey lastmonth. [ID:nL31538445] (Reporting by Rania El Gamal; Editing by James Cordahi)
