• Al-Sager: We continue to strengthen our competitiveness and position in our key regional markets
  • Fardan: Our profits prove our resilience and quick adaptability to the challenges resulting from the pandemic

National Bank of Kuwait-Bahrain (NBK Bahrain) reported net profits of BHD 117.68 million (KD 94.57 million) for the year 2021, compared to BHD 117.51 million (KD 94.68 million) for the year 2020.

As of end of 2021, NBK-Bahrain’s total assets increased by 7% y-o-y to BHD 7.43 billion compared with BHD 6.91 billion in 2020. Total shareholders’ equity increased by 19% y-o-y to BHD 972.97 million, whereas Customers deposits Increased by 53% y-o-y to BHD 2.75 billion by end of December 2021.

Commenting on NBK Bahrain’s year-end financial results, Mr. Isam Al-Sager, NBK Group Vice Chairman and CEO said, “National Bank of Kuwait - Bahrain realized good profits for 2021, despite the unprecedently challenging operating environment worldwide in decades, and their impact on the market, combined with the record low interest rates globally.”

“The Group’s international operations reinforce the Group’s profits, which proves our resilient business model, and at the same time, the success of our regional expansion strategy in hedging against the risks and fluctuations, and its contribution to diversifying income sources,” he added.

Al-Sager noted that year after year, NBK-Bahrain continues to consolidate its position in the Bahraini market, which is one of the key growth markets for NBK Group, given the promising growth opportunities and positive prospects of this market.

Al-Sager stressed that NBK will continue expansion and reinforcing its competiveness in the markets it operates in, to ensure regional leadership, as well as stronger future growth.

On his part, Mr. Ali Fardan, General Manager of NBK-Bahrain, said: “NBK-Bahrain’s results for 2021, in view of the challenges facing the banking sector, are a testament to our diversified business model and quick adaptability to the challenges resulting from the coronavirus pandemic, without deviating from our strategic priorities for this year.”

“The bank has taken upon itself to support its customers during the pandemic by deferring credit card installments and payments, in addition to working closely with the Central Bank of Bahrain to mitigate the pandemic’s impact, as part of the bank’s commitment to its national duties,” he noted.

Fardan pointed out that the bank is moving steadily in strengthening its position in Bahrain by providing high-quality banking and financial services to its retail and corporate customers, noting that the bank has great potentials to achieve further growth in the Bahraini market in the future.

Fardan praised the Central Bank of Bahrain’s efforts, in particular, and all government agencies, in general, for their continued support extended to NBK-Bahrain and the Bahraini banking sectors. He also highlighted that the great support extended by NBK Group has contributed to strengthening the Bank’s performance, through capitalizing on NBK’s high credit ratings, broad relationship network, and leading reputation as one of the top banks in the Middle East, and one of the safest banks in the world.

NBK is the largest financial institution in Kuwait with effective market dominance in the commercial banking market and has been consistently awarded one of the highest credit ratings among all regional banks from Moody’s, Standard & Poor’s, and Fitch Ratings. NBK also stands out in terms of its local and international network, which includes branches, subsidiaries and representative offices in China, Geneva, London, Paris, New York, and Singapore alongside its regional presence in Lebanon, Jordan, Egypt, Bahrain, Saudi Arabia, Iraq, Turkey, and the UAE.

-Ends-

About National Bank of Kuwait (NBK):

NBK was founded in 1952 as the first home-grown bank and the first joint stock company in Kuwait and the Gulf Region. NBK reported net profits of USD 1.2 billion (KD 362.2 million) for 2021. NBK’s total assets were USD 109.9 billion (KD 33.3 billion) at the end of 2021, while shareholder equity stood at USD 11 billion (KD 3.3 billion).

NBK is the largest financial institution in Kuwait with effective market dominance in the commercial banking market and has been consistently awarded one of the highest credit rating of all banks in the region from Moody’s, Standard & Poor’s, and Fitch Ratings. NBK also stands out in terms of its local and international network, which includes branches and subsidiaries in China, Geneva, London, Paris, New York, and Singapore alongside its regional presence in Lebanon, Egypt, Bahrain, Saudi Arabia, Iraq, and the UAE.

Long-Term Credit Ratings:

Moody’s:                     A1
Fitch Ratings:             A+
Standard & Poor’s:     A