National Bank of Kuwait (NBK), the largest Kuwaiti bank, reported net profits of $894.2 million (KD 261.8 million) for 2014 compared with $813.3 million (KD238.1 million) in 2013, 10 percent year on year growth.

As of end of 2014, NBK Group’s total assets reached $74.4 billion (KD21.8 billion) up 17.1 percent compared to year-end 2013, while total shareholders’ equity increased by 5.8 percent year on year to $8.6 billion (KD2.5 billion).

Loans and advances reached $40.7 billion (KD 11.9 billion) at year-end 2014 up 11.3 percent compared to year-end 2013 and customer deposits reached $38.5 billion (KD11.3 billion), up 7.5 percent compared to 2013.

Asset quality ratios continued to improve with non-performing loans (NPL) to gross loans ratio dropping to 1.5 percent in year-end 2014 from 1.96 percent in 2013 and NPL coverage ratio increasing to 276 percent at year-end 2014 from 200 percent in 2013.

NBK’s board of directors has recommended a cash dividend of 30 fils per share (30 percent of the par value) and 5 percent bonus shares (5 shares for every 100 shares).

Nasser Al-Sayer, NBK chairman, said: “NBK’s 2014 profits reflect the pickup in business volumes and the group’s ability to benefit from the ongoing improvement in the operating environment. NBK’s net operating income reached $2.26 billion in 2014 (KD661 million) up from $2.14 billion in 2013 (KD626 million), up 5.6 percent a year on year.”

Isam Al-Sager, NBK Group CEO, commented: “NBK remains focused on its strategy to geographically diversify its income sources through strengthening its market positions both locally and regionally. On the local front, NBK maintained its top market position growing all its business lines in Kuwait.”