PHOTO
National Bank of Kuwait (NBK) has soared to the pinnacle of The Banker's 2024 ranking of the top 100 Arab banks, securing the premier position within Kuwait while sustaining its distinguished ninth place among regional banks. Image courtesy: National Bank of Kuwait
National Bank of Kuwait (NBK), the Gulf country's largest lender, posted a net profit of 600.1 million dinars ($1.9 billion) in FY 2024, up 7% year-on-year (YoY) due to higher net interest income and lower provisions.
The net profit beat analysts’ mean estimate of KWD 554.14 million, according to LSEG data.
Net operating income stood at KWD 1.3 billion, up 7.2% year-on-year. Net interest was higher at KWD771.6 million.
Provision for credit losses was KWD86.4 million versus KWD103 million in the year ago period.
Total loans and advances increased by 6.4% YoY to KWD 23.7 billion
(Writing by Brinda Darasha; editing by Seban Scaria)
