NATIONAL BANK OF KUWAIT
National Bank of Kuwait continues to maintain its position as the dominant bank in the region with further outstanding results and expansion into neighbouring states. The bank showed 14.3% profit growth in 2003, along with a substantial 27.7% return on equity. But besides these and record profits in the first half of 2004, NBK was licensed to operate in Iraq, is a key participant in the new Trade Bank of Iraq and has made inroads into Jordan, Qatar and Saudi Arabia. With the recent branch opening in Jordan, the 20% acquisition of Grindlays Qatar Bank and the expected branch opening in Saudi Arabia later this year, NBK has made significant regional impact. Also, given its existing international network stretching from New York to Singapore and unsurpassed ratings, NBK is building an excellent platform for growth. “We have a shared vision at NBK to be the premier bank in the Middle East. We have made that a mission that drives our long-term strategy and everything we do on a daily basis,” says Ibrahim S Dabdoub, chief executive. “We are in the middle of implementing a regional expansion strategy that will extend the same quality services to other markets, starting with Qatar, Jordan, Saudi Arabia and hopefully Iraq. We are confident that we will continue to produce results that are unmatched in their consistency, solid improvement and growth.”
