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National Bank of Kuwait dependent on foreign business
- Kuwait: Thursday, September 13 - 2012 at 11:40
National Bank of Kuwait (NBK), the country's largest lender, has said it is relying on revenue from foreign operations to offset a tough business environment at home, and aims to expand in several Gulf states, Reuters has reported. "The business environment is not very positive in Kuwait," said group chief executive, Ibrahim Dabdoub. "We're seeing a better contribution from overseas branches. Their contribution to our net profit is 29% now. Our target is to hit 50% by 2020," he said. NBK, which reported a flat net profit of KD302.4m ($1.1bn) in 2011, aims to grow in Saudi Arabia, the UAE and possibly Oman, he added.
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