NBK reports record net profit of USD 305 million for the first nine months of 2003

This puts NBK's return on equity at 27.3% and the return on assets at 2.3%, marking an outstanding performance by international standards.

"I am very pleased with our performance this year, considering the challenging environment we have been facing and the profitability pressures from low interest rates. Our ability to execute a well focused strategy of diversifying income sources and managing risks prudently is evident in our results." said Ibrahim S. Dabdoub, CEO of NBK.

"We have maintained meaningful growth in profits in practically all business areas. A keen focus on the customer and a commitment to deliver the best service and solutions are core values that run across the organization and drive our success. Over the years, this approach has helped us maintain an enviable record of consistent growth in profits and superior returns to our shareholders."

"We have undertaken a number of strategic initiatives this past year, aimed at solidifying our leading competitive edge, and positioning NBK to extend its presence and success regionally. Some of these initiatives are aimed at deepening our market penetration domestically, while others concern geographic expansion for us and our customers," added Dabdoub. "We are very confident they will yield positive results in the future and help us maintain our outstanding performance."

NBK's performance is regularly recognized in the financial community, with numerous awards for "Best Bank in Kuwait" and "Best Bank in the Middle East". Commenting on these awards, Dabdoub said "we value these awards not only for symbolizing our achievements that make us the bank of choice for most customers in Kuwait, but also because they strengthen our commitment to be best-in-class in the services we provide, the people we attract to work for us, and the standards of corporate governance we espouse."

NBK enjoys the highest financial strength rating among all Arab as well as emerging market banks from international rating agencies including Moody's, Standard & Poor's and FitchRatings. S&P recently raised NBK's long-term foreign currency rating to A.