{"id":43440,"date":"2022-04-19T18:00:29","date_gmt":"2022-04-19T13:00:29","guid":{"rendered":"https:\/\/pni.net.pk\/en\/?p=43440"},"modified":"2022-04-19T17:18:22","modified_gmt":"2022-04-19T12:18:22","slug":"national-bank-of-kuwaits-first-quarter-profit-surges-38","status":"publish","type":"post","link":"https:\/\/pni.net.pk\/en\/latest-business-news\/national-bank-of-kuwaits-first-quarter-profit-surges-38\/","title":{"rendered":"National Bank of Kuwait’s first-quarter profit surges 38%"},"content":{"rendered":"

DUBAI \u2013 April 19 (ONLINE) National Bank of Kuwait (NBKK.KW), the country’s biggest lender, reported on Tuesday a first quarter profit of 116.6 million dinars ($381.79 million), a 38% annual rise on lower impairment losses and higher net operating income, foreign news agency reported.<\/p>\n

EFG Hermes (HRHO.CA) had estimated 94 million dinars in profit for the quarter.<\/p>\n

Total operating revenue in the quarter reached 236.5 million dinars from 221.5 million dinars a year earlier.<\/p>\n

S&P Global Ratings said on Monday it expected the operating environment for banks in Kuwait will improve this year on the back of high oil prices and a continued recovery from the impact of the pandemic.<\/p>\n

“However, some constraints persist. The Kuwaiti government’s fiscal funding strategy remains uncertain, considering that the debt law has yet to be adopted,” S&P said, referring to a proposed law that successive parliaments and cabinets have wrangled over for years that would allow Kuwait to raise international debt.<\/p>\n

“What’s more, the government’s key liquidity buffer, the General Reserve Fund (GRF), has diminished substantially.”<\/p>\n

Still, S&P expected non-perforiming loans and cost of risk to “gradually normalise” and that higher interest rates would boost banks’ profits, while high exposure to real estate “continues to be a key risk.”<\/p>\n","protected":false},"excerpt":{"rendered":"

DUBAI \u2013 April 19 (ONLINE) National Bank of Kuwait (NBKK.KW), the country’s biggest lender, reported on Tuesday a first quarter profit of 116.6 million dinars ($381.79 million), a 38% annual rise on lower impairment losses and higher net operating income, foreign news agency reported. EFG […]<\/p>\n

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