National Bank of Kuwait (NBK) reported strong earnings with net profits up 63% YoY to $312mn. Its loans and advances grew by 7.5% YoY to $62.8bn while customer deposits fell 1% to $57.6bn. For the nine months ending-September, NBK’s net interest margin stood at 2.25% vs. 2.2% during the same period last year. Overall, cost-to-income saw a rise to 39.1% vs. 35.8% in 2020 for the nine-month period. Its provision charge for credit and impairment losses dropped 41% to $407mn, helping the bank’s bottom-line even as operating expenses rose 18%.
NBK’s dollar bonds were stable with its USD 4.5% Perp at 103.13, yielding 3.67%.
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