ICEC

National Bank of Kuwait Q4 net profit rises 45.7% in Egypt

National Bank of Kuwait (NBK), the Gulf Arab state’s largest commercial lender, posted a 45.7 percent rise in fourth-quarter net profit in Egypt, the bank’s financial statements showed Monday.

The bank made a net profit of 189.19 million Egyptian pounds ($12 million) in Egypt in the three months to December 31st, compared with 129.85 million pounds a year earlier.

For the full year of 2016, the bank’s net profit in Egypt rose 47.48 percent to 848.9 million pounds, compared with 575.58 million pounds in 2015.

The floatation of the Egyptian pound had positive impact of 37.7 million pounds on the financial year results, the Kuwaiti lender said in a statement later on Monday.

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