The National Bank of Kuwait (NBK), the country's biggest publicly-traded lender, said its 2017 profit rose 9.2 per cent year on year, ahead of analyst forecasts, on the back of loan growth and rising fees income from government spending projects.
Net income attributable to bank sharholders for 2017 rose to 322.4 million Kuwaiti dinars (Dh3.9 billion) compared to 295.2m dinars in 2016, the lender said in a statement. Three analysts polled by Bloomberg forecast a median profit of 301.3m dinars.
NBK's board proposed a 30 fils per share cash dividend on 2017 profit as well as 5 free shares for every 100 held.
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Kuwait's biggest lender plans major expansion in Saudi Arabia
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"Credit growth in Kuwait remains solid supported by positive economic activity as the government's capital spending program remains intact," said Naser Al Sayer, the bank's chairman.
"Kuwait's fiscal position is better than peers given the substantial buffers and strong sovereign ratings; creating room for acceleration in spending despite lower oil prices."
The bank's interest income in 2017 rose to 518.9m dinars compared to 475.6m dinars in 2016. Non-interest income increased to 193.7m dinars. The bank said it continues to benefit from its international operations in Egypt and the GCC.
"NBK's international operations remained highly profitable contributing to 28 per cent of the group's total profits," said Isam Al-Sager, the bank's chief executive officer.
"Our regional and international growth strategies continued to focus on Egypt and GCC countries while the improved synergies across other locations increases opportunities of cross selling and business optimization, which all supports more diversified assets, client base and income streams."
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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UAE currency: the story behind the money in your pockets
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
