Mubasher: The National Bank of Kuwait (NBK) on Thursday reported a growth of 15% in profits during the fiscal year ended on 31 December 2018.

The Kuwaiti bank’s profits hiked by KWD 48.35 million to KWD 370.71 million ($1.23 billion) in the FY 2018, from KWD 322.36 million ($1.06 billion) in the prior year. 

In the fourth quarter of 2018, NBK’s profits surged 17.1% to KWD 98.31 million, against KWD 83.96 million in the corresponding period of 2017.

During the first nine months of 2018, the GCC country’s biggest lender recorded an increase of 14.3% in profits to KWD 272.4 million from KWD 238.4 million in the same period last year.

The bank’s board of directors recommended the payment of a 35% cash dividends worth KWD 214.34 million, along with distributing 5% bonus shares valued at KWD 31.07 million.

 The NBK called its general assembly to convene on 9 March 2019 to discuss the distributions.

NBK was expected to distribute cash dividends and bonus shares of 30% and 5%, respectively, technical analyst Ahmed Jassim Al-Qamar told Mubasher.

By 11:13 am Kuwait time, NBK’s stock went up 0.45% to 884 fils.