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NBK’s 2012 net profit increases to $1.08bn

National Bank of Kuwait (NBK) has registered a net profit of KWD305.1m ($1.08bn) in 2012, compared to KWD 302.4m ($1.07bn) during the same period last fiscal.

Its total assets at the end of the year touched KWD16.4bn ($58.4bn), against KWD13.6bn ($48.5bn) during the comparable period earlier year.

Total group shareholders’ equity reached KWD2.3bn ($8.2bn), up by 6% year-on-year.

NBK Group chief executive officer Ibrahim Dabdoub said the bank delivered a strong result in 2012, amidst stagnant operating environment, slower economic activity and an underperforming stock market.

Its total operating income stood at KWD650m ($2.31bn) for the year, compared to KWD540m ($1.92bn) during the corresponding period a year ago.

NBK’s international banking profits reached a year-on-year growth of 22.7% in 2012.

Operating a network of 64 branches in Kuwait, the lender has operations in London, Paris, Geneva, New York and Singapore, Shanghai, Lebanon, Jordan, Iraq, Egypt, Bahrain, Qatar, Saudi Arabia, the UAE, and Turkey.