Mubasher TV
Contact Us Advertising   العربية

NBK profits grow 9% in 2017; cash dividends recommended

NBK profits grow 9% in 2017; cash dividends recommended
NBK's full-year profits grew 9.2% in 2017
NBK
NBK
-0.41% 960.00 -4.00

Mubasher: The National Bank of Kuwait (NBK) on Monday reported robust results for the full year 2017 and the final quarter of that year.

NBK logged KWD 322.36 million ($1.073 billion) from January till the end of December 2017, registering a 9.2% rise from KWD 295.18 million ($982.27 million) in 2016, according to a filing to Boursa Kuwait.

Last year’s profit gain came on the back of higher revenues from interest, an increase in net revenues from Islamic financing, and a rise in investment revenues, NBK revealed.

The higher revenues from interest and Islamic financing were backed by increased operations and higher interest rates, the statement showed.

Meanwhile, at the level of the fourth quarter of 2017, NBK posted KWD 84 million ($279.6 million), up 10.7% from KWD 75.92 million ($252.73 million) in the year-ago period.

The bank’s board also recommended cash and bonus share distributions for Q4-17.

NBK’s stock ended Monday in the green, adding 2.08% to close at 785 fils, leading the market in terms of turnover with KWD 2.1 million after 2.7 million shares were exchanged.

NBK had previously reported an 8.7% rise in profits for the first nine months of 2017 to KWD 238.36 million from KWD 219.26 million in the same period of 2016.