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...