The National bank of Kuwait posted a rise in profits. Kuwait's biggest lender announced a 38.3% increase in Q1 2022 profit.
The bank banked a cool $381.7m in Q1. Its been a strong start to the year for NBK, which also grew its total number of assets by 8.7% to reach $110.9b.
The news also comes on the back of NBK announcing its new Sustainability Financing Framework. The framework looks to take a more green and socially conscious approach to banking and national economics. Kuwait is keen to promote responsible business practices in the lead-up to its New Kuwait Vision 2035 plan, which has sustainable growth at its heart.
Why it matters
Government positions and overall growth in Kuwait have been buoyed by growing consumer spending and the steady increase in oil prices. The latter allows the government to step up its commitments for national development and infrastructure investment, especially as its widely accepted that the performance of Kuwaiti banks is set to improve further in 2022.