KUWAIT CITY: National Bank of Kuwait, the emirate's largest lender, on Sunday reported a 6.2-percent increase in its net profit in the first quarter of 2011.
NBK posted a net profit of 80.9 million dinars ($292 million) in the first three months of 2011 compared with 76.2 million dinars in the same period last year, it said in a statement posted on the Kuwait Stock Exchange's website.
The bank's assets grew by 12.3 percent to $50.2 billion from $44.7 billion a year ago, while its shareholders' equity rose 19 percent to $7.7 billion from $6.5 billion over the same period.
NBK posted a record $1.08 billion in net profit for the full year in 2010, an increase of 13.8 percent from 2009.
The largest financial institution in Kuwait, NBK has branches in several Arab and foreign cities including New York, London, Paris and Geneva.
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