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Kuwait's NBK reports 4.5 per cent drop in Q2, below forecasts.

The bank said total assets for the six-month period ending June 30 was KWD 13.7 billion ($49.9 billion), compared with KWD 12.5 billion ($45.47 billion) in the same period last year.

In a statement, the bank said first half net profits stood at KWD 146.7 million ($534.4 million) compared with KWD 145.2 ($529.2 million) for the same period a year earlier.

Ibrahim Dabdoub, NBK's Group Chief Executive Officer, said "The consistency of our strong performance and resilient profitability is a testimony to our approach of focusing on core banking business in the region." Dabdoub added that the current results were achieved despite a weakening operating environment and its impact on overall economic activity.

Dabdoub added, "NBK's regional ambitions remain intact. In light of the ongoing operating challenges in the Arab world, we continue to monitor our operations in the region very closely and were able to quantify our risks. We remain optimistic about the longer term outcomes of our regional expansion strategy."

In March, the bank said it was delaying expansion plans due to regional unrest but said the company was eyeing loan growth of between 10 and 15 percent in 2011.

2011 CPI Financial. All rights reserved.

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Publication:CPI Financial
Date:Jul 13, 2011
Words:214
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