Kuwait - Mubasher: The National Bank of Kuwait (NBK) on Sunday reported a profit increase of 7.2% in Q2-16, to KWD 71.68 million ($236.9 million) compared to KWD 66.88 million ($221.1 million) in the same period last year.
On the other hand, NBK’s total profits in H1-16 were down 7.8% reaching KWD 150.62 million ($498.58 million) from KWD 163.39 million ($540.85 million) in the first half of 2015.
The retreat in profits was primarily due to lower investment returns that included selling the bank’s stake in the International Bank of Qatar (IBQ), as per the bank’s statement.
NBK’s share ended Sunday’s session on the Kuwait Stock Exchange (KSE) at a rise of 1.75% closing at 580 fils, with 4.73 million shares traded at a turnover of KWD 2.74 million ($9.07 million), leading KSE’s charts as the most active share today.
“The continuity of growth in NBK’s profits during the 1H 2016 after excluding last year’s gains from the sale of IBQ, is yet another evidence and confirmation of the strength and soundness of the Bank’s financial position and its prudent operational vision and successful strategy which the Bank has consistently adopted.” according to NBK’s Chairman Mr. Nasser Musaed Al-Sayer.
NBK’s Group CEO, Mr. Isam Jasim Al-Sager, highlighted that during Q2-16, the bank concluded successfully a 6.5% capital increase through a rights issues that attracted a 3 times oversubscription reflecting the shareholders’ solid trust in the Bank’s current operations and future prospects.
