National Bank of Kuwait shares dip on dividend cut

Kuwait: National Bank of Kuwait dropped the most in three months as the country's biggest lender cut cash and stock dividends. The board recommended cash dividend of 30 fils a share and five bonus shares for every 100, according to a statement to the Kuwait stock exchange.

The bank proposed cash dividend of 40 fils and 10 bonus shares for every 100 in 2011. The shares dropped two per cent, the most since October 22, to 970 fils. The stock lost 5.7 per cent last year compared with a 2.1 per cent gain in the Kuwait Stock Exchange Index.

There are 1,000 fils to the dinar. The bank said full-year net income rose 0.9 per cent to 305.1 million dinars. That compares with a mean estimate of 302.6 million dinars from five analysts, according to data compiled by Bloomberg.


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