National Bank of Kuwait

Follow

We price the shares off a mid-cycle ROTE of 13.5%, a cost of equity of 11.0% and terminal growth rate of 5.0%. At our target price of KWD0.75, the shares are trading at 16.2x 2021 PE, 1.5x tangible PB and offer 3.5% dividend yield. NBK reported Q3 20...

Across the world, banks are being asked to take on much of the burden of easing the pain of Covid-19 lockdowns, by offering loan maturity extensions, interest holidays and cheaper credit. For our coverage universe, the average level is 74%. Other thi...

NBK and a host of other Kuwaiti banks have today published clarifying statements on the Boursa Kuwait website following news reports yesterday that implied that the Kuwaiti Banking Association had asked their members not to pay cash dividends for FY2...

The MSCI announcement on 8 April is a surprise and important, in the short-term, but in no way changes the long-term picture. ( 2) Countries whose weights in the FM (Vietnam, and potentially Iceland) and FEM (Philippines, Peru, Vietnam, Colombia) ind...

Volume drivers were Islamic Banking in Kuwait (17% of group revenues) and International Banking (25%). By sector, the key drivers were financial institutions, manufacturing and retail. We think the stock is fully valued and see limited reason for a r...

National Bank of Kuwait (NBK) reported Q3 19 net profit of 93.1mn (+8% yoy), which was below Bloomberg consensus KWD99.3mn and our expectation of KWD100.4. The stock trades at 13.2x 2020f PE, 2.1x tangible 2019f PB and 2019f 4.3% DY. Our mid-cycle RO...