Kuwait's NBK profits drop in fourth quarter, rise for 2015

National Bank of Kuwait, the emirate's largest lender, said Thursday its net profit fell in the fourth quarter but rose in 2015 as a whole on increased activity.

Net profit for the last three months of 2015 was down 6.7 percent to $179 million (164 million euros) from $191.1 million a year ago.

Net income last year however rose 7.8 percent year-on-year to $931.2 million compared to $864 million at the end of the previous year.

Chairman Nasser al-Sayer attributed the rise in full-year profits to an upturn in economic activity in Kuwait last year despite a steep fall in oil revenues.

Activity was picking up as the government continued "to deliver on the awarding and execution of mega projects. This has reflected positively on the growth trends of NBK's operating income," he said.

Last year, assets grew 8.3 percent to $77.8 billion, while shareholder equity increased 3.8 percent to $8.6 billion.