National Bank of Kuwait Q1 Profit Dips 8.5% as New Minimum Top-Up Tax Weighs on Earnings

National Bank of Kuwait reported first-quarter 2025 net profit of KD 134.1 million, equivalent to approximately USD 434.8 million, a decline of 8.5% compared with the same period in 2024. The bank published the results on 21 April 2025, attributing the year-on-year fall primarily to the implementation of Kuwait's new Domestic Minimum Top-Up Tax on multinational enterprises, which had no equivalent charge in the prior-year period.

Profit before tax was KD 173.4 million, broadly flat compared with the first quarter of 2024.

OPERATING INCOME

Net operating income for the quarter came in at KD 310.7 million, an increase of 0.6% year-on-year. The operating income line encompasses net interest income, fee and commission revenues, and contributions from NBK's international operations, which extend across Egypt, Saudi Arabia, Bahrain, the United Arab Emirates, the United Kingdom, and a number of other markets.

BALANCE SHEET

Total assets grew 8.7% year-on-year to reach KD 41.6 billion. Customer loans expanded 9.9% over the same period to KD 24.6 billion.

Customer deposits grew 5.6% year-on-year.