Mubasher: The annual financial statements of the National Bank of Kuwait (NBK) revealed an increase in profits by 8.3% year-on-year (YoY) over the last fiscal year ended 31 December 2019.

The profits reached KWD 401.29 million ($1.33 billion) in 2019, compared to KWD 370.71 million ($1.23 billion) in 2018, according to a bourse filing on Monday.

Over the fourth quarter (Q4) of 2019, NBK’s profits recorded KED 99.12 million, up by 0.8% YoY from KWD 98.31 million.

The Kuwaiti bank ascribed the growing profits primarily to higher non-interest income and lower provision charges for credit and impairment losses.  

Additionally, the board recommended distributing cash dividends of KWD 226.37 million or 35 fils per share for 2019, representing 35% of the share’s nominal value, as well as bonus shares worth KWD 32.62 million or 5-for-100 shares, representing 5% of the capital.