NBK’s Net Profits Jump 27.5%

KUWAIT, 8 April 2006 — National Bank of Kuwait (NBK), Kuwait’s largest bank, said yesterday first-quarter net profits rose 27.5 percent to a record 56.5 million dinars ($193 million) on what it called a “very positive” operating environment. Kicking off the quarterly corporate reporting season, the bank, which has total assets of more than $24 billion, also said in a statement that earnings per share rose to 32 fils from 25 fils a year earlier.

“The bank is off to a strong start of yet another exceptional year,” said Chief Executive Officer Ibrahim Dabdoub.