NBK 4Q2016 profits increase, but says business was impacted by EGP float

National Bank of Kuwait (NBK) was also impacted by the EGP flotation. “The move by Egypt's government in November to devalue the Egyptian currency resulted in a dip in the value of assets and liabilities held by its Egyptian subsidiary when converted to dinars, NBK said,” as per Reuters. The bank did not give an exact value to the “dip,” but the impact was clearly not too significant as NBK reported a 40% y-o-y increase in 4Q2016 net profit to approximately USD 248.9 mn. We reported yesterday on how the EGP float affected the bottom line of international companies including Schlumberger and Savola.