NBK’s net profits rose to $1bn in 2007 and to $915m in the first three quarters of 2008, providing a strong 25.4% return on average equity in 2007.
Over the past year the bank has acquired Al Watany Bank of Egypt, with a network of 25 branches, a 40% stake in Turkish Bank, with a network of 23 branches, boosted its stake in International Bank of Qatar to 30% and opened its first branch in Dubai. NBK’s international network now covers 16 countries and four continents and generates more than 18% of operating income and expects to contribute 50% of total group profits by 2015. In the region, NBK has 81 branches in eight different countries in addition to its 65-branch network in Kuwait and NBK maintained the highest credit rating of any bank in the region.
Ibrahim Dabdoub, CEO of NBK, says: “NBK is honoured with this prestigious award from The Banker, a leader in recognising outstanding performance in the banking community. We have always strived to maintain the highest levels of excellence and to match the highest international standards.
“We are very excited about the future as we see tremendous potential for growth. We work constantly on developing our services and extending our reach while we advance in our regional expansion plans.”
