Kuwait – Mubasher: The financial statements of the National Bank of Kuwait (NBK) during the third quarter has confirmed the bank’s view of an overall improvement in Kuwait’s operating environment, Chairman Nasser Al-Sayer said.
“The Group is on track to deliver another year of strong financial performance and solid shareholder returns,” Al-Sayer added according to a press release issued Monday.
The government remains determined on its capital spending plan, while NBK continues to see an accelerated trend of project tenders and awards.
NBK’s Group CEO Isam Al-Sager said that Boubyan Bank continues to deliver notably to the group’s profitability as the bank embarks on expanding its operations in Kuwait with larger inroads in Kuwait’s Islamic banking market.
NBK Group generated 32.6% of the nine-month period profits from its branches, associates and subsidiaries outside Kuwait.
“We saw our NPL/Gross loans ratio dropping to 1.22% with a coverage ratio of 371% as of September-end 2016 while our Capital Adequacy Ratio remained very strong at 17.2% for the same period,” Al-Sager added.
“NBK continues to enjoy collectively the highest ratings among all banks in the Middle East from the three international rating agencies Moody’s, Fitch Ratings and Standard and Poor’s,” the PR added.
