The National Bank of Kuwait, the biggest lender in Kuwait, said its fourth-quarter profit jumped more than 25 per cent as its operating revenue climbed amid the country's continued economic recovery from the pandemic-induced slowdown.
Net profit attributable to the shareholders of the bank for the three-month period ended December 31 rose to 134.8 million Kuwaiti dinars ($441 million), from 107.4 million dinars in the same period of 2021, the lender said on Sunday in a filing to Boursa Kuwait.
Net operating revenue for the reporting period increased more than 17 per cent in the fourth quarter to 262.3 million dinars.
The lender's full-year profit in 2022 also rose to a record level despite a “challenging” global operating environment, it said.
Net profit attributable to the shareholders of the bank surged 40.5 per cent to 509.1 million dinars last year, from 362.2 million dinars in 2021, on higher operating income and lower provisions charges for credit losses, it said.
Full-year earnings were driven by a “solid” operational performance across all its business segments and the bank's strong financial position, Hamad Al Bahar, NBK's group chairman, said.
“Over the course of the year, new challenges emerged, including geopolitical tensions in Europe in the wake of the war in Ukraine, as well as tightened monetary policies pursued by most central banks around the world in a bid to curb high inflation, which threatens a global economic slowdown in 2023,” he said.
“Nonetheless, NBK rose above those challenges, thanks to its prudent risk management approach and diversification strategy.”
The GCC's four biggest banking markets, the UAE, Saudi Arabia, Kuwait and Qatar, are expected to “almost reach” pre-pandemic profitability levels by the end of 2022 as a result of high oil prices, rising interest rates and new public projects, according to a recent report by S&P Global Ratings.
Last year, the central banks of the UAE, Saudi Arabia, Kuwait and Qatar raised their benchmark borrowing rates. This came after the US Federal Reserve raised its key interest rate multiple times in 2022 to rein in surging inflation and restore price stability.
NBK's net interest income for the year climbed more than 15 per cent to almost 584 million dinars. It drove net operating income 12.2 per cent year higher on an annual basis to 1 billion dinars in 2022.
The bank's non-interest income rose to 234.9 million dinars last year from 230.5 million dinars in 2021. Its operating expenses, however, also rose to 386.1 million dinars in 2022, from 352.4 million dinars in 2021.
Customer deposits increased by 10.4 per cent year-on-year to 20.2 billion dinars. Total loans and advances grew by 6.5 per cent year-on-year to 21 billion dinars.
The ratio of non-performing loans to gross loans ratio was at 1.42 per cent during last year.
In 2022, international operations accounted for approximately 26 per cent of overall group profits, with Islamic banking operations accounting for more than 10 per cent.
“This stellar performance is a testament to the resilience of our business model and our ability to capture opportunities while it also reflects positively on our solid foundation that we continue to nurture to overcome challenges and drive sustainable growth,” said Isam Al-Sager, NBK's vice chairman and group chief executive.
The board of directors proposed a cash dividend of 25 fils per share for the second half of 2022, bringing the total cash dividend for the year to 35 fils, accounting for 52 per cent of the lender's profit.
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
UAE currency: the story behind the money in your pockets
Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
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%3Cp%3EThe%20UAE%20will%20host%20Scotland%20for%20a%20three-match%20T20I%20series%20at%20the%20Dubai%20International%20Stadium%20next%20month.%3Cbr%3EThe%20two%20sides%20will%20start%20their%20Cricket%20World%20Cup%20League%202%20campaigns%20with%20a%20tri-series%20also%20involving%20Canada%2C%20starting%20on%20January%2029.%3Cbr%3EThat%20series%20will%20be%20followed%20by%20a%20bilateral%20T20%20series%20on%20March%2011%2C%2013%20and%2014.%3C%2Fp%3E%0A
'Brazen'
Director: Monika Mitchell
Starring: Alyssa Milano, Sam Page, Colleen Wheeler
Rating: 3/5
Results
United States beat UAE by three wickets
United States beat Scotland by 35 runs
UAE v Scotland – no result
United States beat UAE by 98 runs
Scotland beat United States by four wickets
Fixtures
Sunday, 10am, ICC Academy, Dubai - UAE v Scotland
Admission is free
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
UAE currency: the story behind the money in your pockets
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
