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NBK posts 17.6% net profit decrease

The National Bank of Kuwait (NBK) has posted a 17.6% decline in first-half net profit, as the bank was forced to take a one-off provision, Reuters has reported. The Gulf country's largest lender made a net profit of $431.2m in the first six months of the year, compared with $523.5m in the same period of 2011. "Our first half profits were negatively affected by heavy judgmental provision charges," said Ibrahim Dabdoub, the CEO of NBK's Group. "We have opted to set aside $96.4m in judgmental provisions in face of a further potential deterioration in our operating environment."