Kuwait City: National Bank of Kuwait, the emirate’s largest lender, said on Monday its third quarter net profit rose 6.5 per cent mainly thanks to growing public spending despite low oil revenues. The bank posted a net profit of 68.7 million dinars ($227.5 million) for July to September this year compared to 64.5 million dinars ($213.6 million) for the same period in 2015, NBK said in a statement. NBK chairman Nasser Al Sayer attributed the rise to an increase in public spending in the oil-rich Gulf state despite low oil revenues. “The Kuwaiti government remains determined on its capital spending plan and we continue to see an accelerated trend of project tenders and awards,” Al Sayer said.
- May 30, 2017Last updated less than one minute ago