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National Bank of Kuwait FY'19 profit rises 8.2%


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National Bank of Kuwait FY'19 profit rises 8.2%

National Bank of Kuwait SAKP posted a net profit attributable to shareholders of 401.3 million dinars for the full year 2019, up 8.2% from 370.7 million dinars earned in the prior year period.

EPS for the year was 60 fils, compared to 55 fils a year ago.

The bank attributed the annual improvement mainly to lower provision charges for credit losses and impairment losses, which fell by 27.8% to 129.7 million dinars, as well as higher non-interest income.

Net interest income rose year over year to 564.9 million dinars from 566.3 million dinars, while net fees and commissions grew to 157.2 million dinars from 150.2 million dinars.

Net income from Islamic financing came to 689.2 million dinars, down slightly from the prior year's 690.5 million dinars. Net gains from dealing in foreign currencies reached 39.3 million dinars, little changed from 39.0 million dinars in 2018.

Operating expenses increased on a yearly basis to 304.3 million dinars from 276.3 million dinars.

The bank's board of directors recommended a 35% cash dividend and 5% bonus shares for shareholders. The proposed dividend is subject to shareholders' approval at the upcoming annual general meeting, the lender said.

As of Jan. 20, US$1 was equivalent to 30 Kuwaiti fils.