Equity Analysis /

National Bank of Kuwait: NATIONAL BANK OF KUWAIT: Solid operating income tempered by conservative risk costs approach; Hold

    Rahul Shah
    Rahul Shah

    Head of Financials Equity Research

    Tellimer Research
    18 July 2018
    Published byTellimer Research
    Net attributable income grew 16% yoy to KWD92.3mn, only slightly below our KWD93.9mn forecast. Solid fee (+17% yoy) and exchange income (+75%) offset a higher-than-forecast impairment charge (+13% yoy). Given broad-based macro improvements and higher infrastructure spending, we think this reflects loan write-offs to allow the bank to utilise its large precautionary provisions stock.