January 22, 2014 / 10:37 AM / 4 years ago

National Bank of Kuwait Q4 net profit drops 48 pct

DUBAI, Jan 22 (Reuters) - National Bank of Kuwait, the Gulf Arab state’s largest commercial lender, widely missed analyst expectations as it posted a 48 percent drop in fourth-quarter net profit, Reuters calculated.

Net profit was $142 million in the three months to the end of December, compared to $273 million in the same period a year ago, Reuters calculated based on financial statements.

Three analysts in a Reuters poll had predicted 80.14 million dinars ($283.2 million) net profit on average.

NBK reported a full-year profit for 2013 at $844 million, down from the $1.08 billion recorded for 2012, a statement from the bank said on Wednesday.

The bank said its board was recommending a cash dividend worth 0.3 dinars per share and a bonus share dividend of 5 percent. This was the same as the dividend recommended for 2012. ($1 = 0.2830 Kuwaiti dinars) (Reporting by David French; Editing by Olzhas Auyezov)

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