28 November 2007

"The Banker" names NBK "Best Bank in the ME for 2007"

Dabdoub: NBK's regional expansion and record profits put the bank in the forefront of the regional banks

National Bank of Kuwait (NBK) has been recently awarded for the seventh consecutive year "The Best Bank of in The Middle East for 2007" by the internationally renowned Financial Times magazine "THE BANKER" in a glamorous awarding ceremony specially held in London on the occasion. The Banker noted that NBK's performance and remarkable record of achievements throughout its history justifiably qualify the bank to win this title.

NBK's Chief Executive Officer, Mr. Ibrahim S. Dabdoub said: "winning this coveted and prestigious award that deservedly crowns NBK as the Best Bank in the Middle East for 2007, reflects the success of the bank's strategy and plans and the dominant position it enjoys in the local market as well as its ever growing regional niches it has achieved during the last couple of years by reaching out across borders with acquisitions and thrusts into several major markets in the region.

Mr. Dabdoub added that one of the key reasons behind winning this award is the success of NBK's ambitious plan for regional expansion which was recently culminated with major alliances and acquisitions, including the takeover of Egypt's Al-Watany Bank, the acquisition of 40% of the Turkish Bank as well as raising NBK's stake in International Bank of Qatar to 30%, reiterating that regional expansion has become the sole choice for NBK to keep up its record of consistent growth in profits as its home market becomes saturated and local competition is getting fiercer with the newly admitted international presence.

The Banker, represented by its Editor-In-Chief, Mr. Stephen Timewell, stated that selecting NBK for the award was based on a set of major criteria, on top of which NBK's high asset quality and conservative risk profile as well as its strong capital base, in addition to clear strategy and management expertise which constitute positive attributes and fundamental strengths that distinguish NBK.

During the first nine months of 2007, NBK reported a record net profit of K.D 220,5 million against K.D 190,1 million for the same period of 2006, with an increase of 16%. The Bank also reported 3.33 % return on average assets and 32.2 % return on shareholders equity, both amongst the highest international banking rates. Total assets of the Bank also amounted to K.D 9.8 (US$ 35 Billion), while shareholders equity reached K.D 1.2 (US$ 4.4) by end of September 2007.