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National Bank of Kuwait 9-mth net profit slips 13.2 pct
October 23, 2013 / 11:33 AM / in 4 years

National Bank of Kuwait 9-mth net profit slips 13.2 pct

DUBAI, Oct 23 (Reuters) - National Bank of Kuwait (NBK), the Gulf Arab state’s largest lender, reported a 13.2 percent fall in its nine-month net profit mainly due to a one-off gain in the year-ago period, it said on Wednesday.

Net profit for the nine months to the end of September 30 was 198.6 million dinars ($704.6 million), compared with 228.9 million dinars a year ago, NBK said in a bourse statement.

No quarterly numbers were provided by the company.

The lender recognised exceptional gains of $288 million during the year-ago period on the consolidation of Boubyan Bank , it said in the statement. Excluding the gain, net profit for the period rose 34.7 percent, NBK said. ($1 = 0.2819 Kuwaiti dinars) (Reporting by Praveen Menon; Editing by Dinesh Nair)

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