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National Bank of Kuwait Q3 profit rises as impairments drop YOY

National Bank of Kuwait SAKP reported an unaudited third-quarter profit attributable to shareholders of 86.5 million Kuwaiti dinars, up from 73.7 million dinars a year ago.

EPS attributable to shareholders amounted to 14 fils, compared to the year-ago 12 fils.

Net interest income for the quarter increased year over year to 146.0 million dinars from 132.9 million dinar. Net fees and commissions also increased, to 38.0 million dinars from 35.0 million dinars.

Net income from Islamic financing came in at 32.2 million dinars, up on yearly basis from 28.2 million dinars. Net gains from dealing in foreign currencies amounted to 10.2 million dinars, compared to 9.1 million dinars a year ago.

The bank booked net investment losses of 6.6 million dinars, compared to a year-ago income of 5.7 million dinars. It also registered a provision charge for credit and impairment losses of 51.5 million dinars, down year over year from 60.5 million dinars.

For the nine months ended Sept. 30, the lender's attributable profit rose year over year to 272.4 million dinars from 238.4 million dinars.

As of Oct. 10, US$1 was equivalent to 0.30 Kuwaiti dinar.