National Bank of Kuwait's Q3 net profit up 63% to $312mln

Nine-month profit jumped 51% on the back of economic recovery

National bank of Kuwait logo, NBK logo.

National bank of Kuwait logo, NBK logo.

National bank of Kuwait Image

National Bank of Kuwait, the country's biggest lender, on Monday reported a 63 percent surge in third-quarter net profit, as the economy recovered from the pandemic-imposed restrictions and business confidence lifted.

For the quarter, it made a net profit of 94.1 million dinar ($311.8 million), up from 57.6 million dinar it made in the year-ago period, NBK said in a statement on Monday.

For the nine-month period ended September 30, the lender saw a 51 percent rise in net profit to 254.8 million dinars compared with 168.7 million dinars in the previous period.

Total loans and advances grew by 7.5 percent year-on-year to 19 billion dinar while customer deposits fell slightly to 17.4 billion dinars.

NBK group chairman Nasser Al-Sayer said he expected rising consumer spending and growth in household credit, one of the main drivers of Kuwait’s economic recovery, to continue.

He added that the ongoing national dialogue between the government and the parliament "in a bid to lessen tensions and resolve legislative impasse may improve economic reform prospects; including restructuring the public sector, expediting the privatization process and paving the way for crucial approval of several laws."

(Writing by Brinda Darasha; editing by Daniel Luiz)

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