Bahrain
Kuwait
Oman
Qatar
Saudi Arabia
UAE
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NBK reported a net profit of $703m for the first nine months of 2009. The largest bank in Kuwait, NBK achieved $263m for the third quarter ending September 30, 2009 compared with $239m for the same period in 2008, an increase of ten percent.
Today, NBK enjoys the largest presence in Kuwait with 67 branches, which together with its growing international representation adds up to 166 branches worldwide. NBK's international presence spans many of the world financial centres including London, Paris, Geneva, New York and Singapore, as well as in China (Shanghai) and Vietnam (Ho Chi Minh City). Meanwhile, the regional coverage extends to Lebanon, Jordan, Iraq, Egypt, Bahrain, Qatar, Saudi Arabia, Turkey, and the UAE.
NBK has been consistently awarded the highest credit rating of all banks in the region from Moody's, Standard & Poor's, and Fitch Ratings. The bank's ratings are supported by its high capitalisation, prudent lending policies and its systematic approach to risk management, in addition to the recognised excellence of its very stable management.
In a summary report published by S&P's in October, the rating agency affirmed NBK's Long-term Rating at ‘A+'.
S&P stated that NBK's rating was supported by its strong capitalisation, resilient operating performance and a leading commercial position in the domestic market.
"NBK's performance remains solid and impressive despite the challenging environment for financial institutions worldwide," reiterated NBK CEO Ibrahim Dabdoub last month.
Today, NBK enjoys the largest presence in Kuwait with 67 branches, which together with its growing international representation adds up to 166 branches worldwide. NBK's international presence spans many of the world financial centres including London, Paris, Geneva, New York and Singapore, as well as in China (Shanghai) and Vietnam (Ho Chi Minh City). Meanwhile, the regional coverage extends to Lebanon, Jordan, Iraq, Egypt, Bahrain, Qatar, Saudi Arabia, Turkey, and the UAE.
NBK has been consistently awarded the highest credit rating of all banks in the region from Moody's, Standard & Poor's, and Fitch Ratings. The bank's ratings are supported by its high capitalisation, prudent lending policies and its systematic approach to risk management, in addition to the recognised excellence of its very stable management.
In a summary report published by S&P's in October, the rating agency affirmed NBK's Long-term Rating at ‘A+'.
S&P stated that NBK's rating was supported by its strong capitalisation, resilient operating performance and a leading commercial position in the domestic market.
"NBK's performance remains solid and impressive despite the challenging environment for financial institutions worldwide," reiterated NBK CEO Ibrahim Dabdoub last month.
Pipe dreams
Posted by TALAL on 20 December 2009 at 18:19 UAE time
With all due respect the list in not only wrong but misleading as well. I agree with Paddy that you need to come up with more meaningful criteria for ranking Banks as this doesn't work at all. When new financial results are out next year at least 3 on the list may end up up the creek without a paddle.
Posted by TALAL on 20 December 2009 at 18:19 UAE time
With all due respect the list in not only wrong but misleading as well. I agree with Paddy that you need to come up with more meaningful criteria for ranking Banks as this doesn't work at all. When new financial results are out next year at least 3 on the list may end up up the creek without a paddle.
Agree with the list
Posted by SG, Kuwait, Kuwait on 9 December 2009 at 09:50 UAE time
I have been working in the corporate banking field for over 5 years now and the banks listed above are quite secure. Choosing randomly and checking the historic audited financials you will see that these banks have been taking adequate provisions over the years unlike banks like Commercial Bank of Kuwait that took extreme sudden provisions making them reporting losses in 3Q of 09 whereas KD100m for the same period the previous year; that goes to show the type of credit they run. As for all the questions Paddy is asking, well an article that answers all those questions might as well be a book cos you are asking for financial analyses of each bank which could easily need 100 pages or so (4 pages each minimum). This report is a morale booster but is based on financials issued by the best international auditors. and, by the way, i do not work in any of those top banks but i intend to.
Posted by SG, Kuwait, Kuwait on 9 December 2009 at 09:50 UAE time
I have been working in the corporate banking field for over 5 years now and the banks listed above are quite secure. Choosing randomly and checking the historic audited financials you will see that these banks have been taking adequate provisions over the years unlike banks like Commercial Bank of Kuwait that took extreme sudden provisions making them reporting losses in 3Q of 09 whereas KD100m for the same period the previous year; that goes to show the type of credit they run. As for all the questions Paddy is asking, well an article that answers all those questions might as well be a book cos you are asking for financial analyses of each bank which could easily need 100 pages or so (4 pages each minimum). This report is a morale booster but is based on financials issued by the best international auditors. and, by the way, i do not work in any of those top banks but i intend to.
Tangible evidence missing
Posted by Paddy, Dubai, UAE on 26 November 2009 at 00:04 UAE time
The report talks about the performance of each bank at a very high level without delving deep into the numbers. For example, what is the net NPL for each bank in comparison with their assets? What is the exposure ratio (total exposure to the risky sectors out of the total assets) of each bank to risky sectors like Credit Cards, Construction & Real Estate etc? What is the recovery position with respect to Credit Card advances? What is the exposure of each bank (especially UAE and Saudi banks) to the Saad and Algosaibi groups? Have they kept aside provisions against these troubled assets? What has each bank done differently to tide over the financial crisis? HAs there been any fresh capital infusion into any of these banks? What is the Capital Adequacy Ratio of these banks? The lack of transparency with regard to reporting in the Middle East financial sector means that the banks may not have fully reported their bad assets. Maybe the report is intended to be a morale booster to the general public and not exactly based on hard facts.
Posted by Paddy, Dubai, UAE on 26 November 2009 at 00:04 UAE time
The report talks about the performance of each bank at a very high level without delving deep into the numbers. For example, what is the net NPL for each bank in comparison with their assets? What is the exposure ratio (total exposure to the risky sectors out of the total assets) of each bank to risky sectors like Credit Cards, Construction & Real Estate etc? What is the recovery position with respect to Credit Card advances? What is the exposure of each bank (especially UAE and Saudi banks) to the Saad and Algosaibi groups? Have they kept aside provisions against these troubled assets? What has each bank done differently to tide over the financial crisis? HAs there been any fresh capital infusion into any of these banks? What is the Capital Adequacy Ratio of these banks? The lack of transparency with regard to reporting in the Middle East financial sector means that the banks may not have fully reported their bad assets. Maybe the report is intended to be a morale booster to the general public and not exactly based on hard facts.
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