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National Bank of Kuwait Q4'18 profit jumps 17% YOY

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National Bank of Kuwait Q4'18 profit jumps 17% YOY

National Bank of Kuwait SAKP reported fourth-quarter 2018 net profit attributable to owners of the parent company of 98.3 million Kuwaiti dinars, 17% higher than 84.0 million dinars earned in the same period in 2017.

EPS for the quarter amounted to 15 fils, up from the year-ago 13 fils.

For the full year 2018, the lender's attributable profit rose to 370.7 million dinars from 322.4 million dinars a year earlier. EPS for the full year was 58 fils, compared to the year-ago 50 fils.

NBK noted that the 15% increase in its full-year profit was mainly driven by higher net interest income and net income from Islamic financing, which were helped by the strong growth in business volumes and improved margins, as well as from the rise in benchmark interest rates.

Higher fees and commissions and foreign exchange income also underpinned the profit increase.

The bank will propose to distribute cash dividends in respect of 2018 of 35 fils per share. The bank also intends to distribute 5% bonus shares from its issued and paid-up capital, or 5 bonus shares for every 100 shares presently held.

As of Jan. 16, US$1 was equivalent to 0.30 Kuwaiti dinars.