National Bank of Kuwait, the Gulf Arab state’s largest commercial lender, reported a 6.4 per cent rise in third-quarter net profit, according to a statement on Monday.
The bank made a net profit of 68.65 million Kuwaiti dinars in the three months to September 30, compared to 64.53m dinars a year earlier, it said in the bourse filing.
Analysts at EFG Hermes and HSBC forecast NBK would make a quarterly net profit of 73.7m dinars and 67m dinars respectively.
Banks in Kuwait and the rest of the Gulf are facing stronger headwinds as lower oil prices trim deposit growth and push up problem loans. Still, in a research note last month, Moody’s Investors Service noted that Kuwaiti banks were better placed than their regional peers to weather liquidity tightening as they remained primarily deposit funded and liquidity buffers were comfortable.
The bank’s net interest income edged up 5.9 per cent to 118.98m dinars, while net fees and commission income dipped by 1.2 per cent to 31.76m dinars.
* Reuters
business@thenational.ae
Follow The National's Business section on Twitter
