National Bank of Kuwait closes even, reports boost in net profits
- Kuwait: Thursday, October 11 - 2012 at 18:18
The Kuwait Stock Exchange (KSE) Market index fell by 0.44% Thursday, finishing a sluggish weak at 5,968.89 points. The northern Gulf state's largest lender by assets National Bank of Kuwait or NBK finished flat at KD0.990. Earlier in the day, NBK said the net profit for the period from January to September was KD228.9m ($814.4m), up 15% year-on-year. As of end of September 2012, NBK Group's total assets reached KD16.34bn ($58.1bn), representing an increase by a fourth year-on-year. Ibrahim Dabdoub, NBK's Group Chief Executive Officer said "NBK managed to deliver another strong quarter notwithstanding the ongoing challenges. The operating environment continues to pose some barriers to our potential for growth. Government spending continues to be insufficient and the tendering of new projects has significantly lagged leading to a stagnant stock market performance and dormancy in economic activity. Moreover, the developing geopolitical tensions are also putting further pressures on the business sentiment both locally and in the region."
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