Kuwait's NBK Posts Record Profit of $1 bn in 2011

The National Bank of Kuwait, the emirate's top lender, said Thursday it posted a record net profit of 302.4 million dinars ($1.087 billion) in 2011 despite difficult challenges and Middle East unrest.

NBK's net profit is only 0.2 percent higher than the 301.7 million dinars for 2010, the bank said in a statement.

Total assets rose 5.4 percent to $48.9 billion at the end of 2011 from a year earlier, while shareholders’ equity rose 4.5 percent to $7.8 billion over the same period.

Last year "was another challenging year that confirmed NBK's ability to deliver strong results in turbulent times," said Ibrahim Dabdoub, NBK's group chief executive officer.

"NBK's strong performance despite the weakening operating environment, the ongoing pressures on the global economy as well as the political unrest in the Middle East is testimony to the success of the bank's conservative strategy," he said.

"NBK's regional plans remain generally intact. We have tightened our levels of control and risk management in light of the ongoing operating challenges in the Arab world," he added.

The bank has 70 branches in Kuwait and 107 that cover 16 countries in the Middle East and other leading financial centers including London, Paris, New York and Singapore.