Kuwait-Mubasher: The overall provisions of the National Bank of Kuwait (NBK) exceed KWD 600 million (about $2 billion), the CEO of the bank Isam Jasem Al Sager said in an interview with Al Arabiya television.
Al Sager told the Saudi Arabian-owned station that despite securing this big amount of provisions, NBK has succeeded in achieving profits growth of 8% as well as maintaining the dividends at 50% of the overall profits.
The CEO added that the bank will transform its representative office in Shanghai into a branch after receiving the necessary approvals. Thus, NBK will be the second Arab bank to open in China.
He added that Kuwait’s NBK finances 90% of the government’s megaprojects.
