National Bank of Kuwait records 96% YoY higher profit in Q1-24

Operating revenue jumped 48.60% YoY

Staff Writer, Mubasher

May 27, 2024

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Riyadh – The National Bank of Kuwait (NBK) has posted a 96.32% year-on-year (YoY) surge in net profit to EGP 1.28 billion (KWD 11.71 million) in the first quarter (Q1) of 2024 from EGP 652 million (KWD 6.88 million).

Operating revenue jumped 48.60% YoY to EGP 2.75 billion in Q1-24 from EGP 1.85 billion in Q1-23, according to the interim financial statements.

Net income leapt by 53.90% YoY to EGP 2.37 billion in the three-month period that ended on 31 March 2024, versus EGP 1.54 billion.

Total assets increased to EGP 155.56 billion in the January-March period, while clients’ deposits rose to EGP 126.73 billion.

In 2023, NBK’s net profit soared to EGP 4.02 billion from EGP 1.82 billion the year before.

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