VOL. XLI

No. 04

26-January-1998

GCC

Early Results From Gulf Banks

Ahead of publication of full accounts and annual general meetings, five Gulf banks havereported results for 1997. All reported increases in earnings, ranging from 3% to a highof 16%, but one of the pre-eminent banks in the GCC has warned that 1998 is likely to be amuch tougher than 1997:

  • National Bank of Kuwait (NBK) announced post-tax profits of $240mn (KD73.5mn) for the year and assets of $13.5bn (KD4.1bn) at end-1997. In a...