• Our strong financial results underscore our commitment to providing long-term sustainable value to our customers and shareholders.
  •  We are confident in our ability to continue excelling in meeting the changing requirements of our customers.
  • NBK’s continuous success rests upon strong fundamentals supported by an innovative diversification strategy.
  • We are hopeful of a favorable operating environment in Kuwait for 2024, which will foster greater confidence in the country's business landscape.


  • We started 2024 with robust performance, witnessing ongoing momentum across our key business segments throughout the first quarter.
  • Our prudent risk management practices, coupled with ample liquidity and strong capitalization, have enabled us to maintain strong performance this year.
  • Our commitment to supporting our customers is further reinforced by our financial discipline and ongoing investments in innovation and technology.
  • Our growth strategy and diversified business mix showcase our resilience and stability in a challenging macroeconomic environment.
  • In 2024, we leverage our strong position to further strengthen our leading franchise across all business sectors.
  • We remain committed to investing in technology to drive revenue growth, enhance operational efficiency, and optimize returns for our shareholders.
  • Our dedication has been recognized with the Best Bank in the Middle East for ESG-Related Loans Award 2024.
  • NBK has one of the highest scores of CDP disclosures among all financial institutions in the GCC

National Bank of Kuwait (NBK) has announced its financial results for the three-month period ended 31 March 2024. The Bank reported a net profit of KD 146.6 million (USD 476.8 million), compared to KD 134.2 million (USD 436.6 million) for the corresponding period in 2023, improving by 9.2% year-on-year.

Total assets as of the end of March 2024 grew by 5.1% year-on-year to reach KD 38.3 billion (USD 124.7 billion), whereas total loans and advances increased by 5.7% year-on-year to KD 22.4 billion (USD 72.8 billion), while shareholders’ equity reached KD 3.8 billion (USD 12.3 billion), growing by 7.9% year-on-year.

Commenting on the Bank’s 1Q2024 financial results, Hamad Al-Bahar, NBK Group Chairman, said: “In the first quarter of 2024, we recorded robust profits, showcasing our commitment to delivering long-term sustainable value to our customers, community, and shareholders.”

“As we continue to capitalize on our strategic investments in technology and talent, we remain confident in our ability to achieve further successes in meeting the needs of our customers,” Al-Bahar confirmed.

Al-Bahar emphasized that NBK's ongoing success is built upon solid foundations underpinned by diversification, a key pillar of its strategy. He underscored that strategically diversifying the Bank's portfolio and services across different geographic regions not only mitigates risks but also capitalizes on favorable prospects. This underscores NBK's commitment to adaptability, resilience, and ensuring enduring stability over the long term.

“Kuwait's economy displays resilience and stability, firmly rooted in robust foundations. We expect an uptick in activity within Kuwait's operational scene throughout 2024, resulting in increased project awards and reinforcing trust in the country's business landscape,” Al-Bahar added.

“In spite of the recent escalation in geopolitical tensions in the region, we continue to focus on advancing our operations in the markets we serve while closely monitoring the repercussions on the operating environment in the region,” Al-Bahar explained.

He emphasized that in 2024, NBK maintained its dedication to executing a multitude of impactful initiatives, further solidifying its position as a frontrunner in community development within Kuwait. Simultaneously, these endeavors upheld responsible business practices and played a role in fostering the sustainable advancement of the local economy.

Meanwhile, Mr. Isam J. Al-Sager, NBK Group Vice Chairman and CEO, said: “We have had a strong beginning to 2024, with our business segments maintaining momentum throughout the quarter. This underscores the benefits of our strategic investments and diversified business portfolio.”

Al-Sager highlighted the Bank's robust performance, citing strong revenue and profit growth. He noted that the operational momentum from 2023 carried forward into the current period, resulting in another quarter of strong profits fueled by growth across all business sectors.

“The Group's net operating income increased by 11.2% year-on-year, reaching KD 309.0 million (USD 1.0 billion). This increase was fueled by improved revenues across various business sectors, reflecting the diverse and multiple sources of income within the Group,” Al-Sager added.

Al- Sager stressed that the domestic political environment witnessed some recent instability in the form of changes in parliament and government. This is likely to result in the postponement of the long-awaited investment opportunities in Kuwait. He expressed his hopes of an improved and more stable political landscape going forward; which should positively reflect on the business environment domestically.   

Sustainable Growth

Al-Sager highlighted that NBK’s results underscore the success of its strategy in achieving sustainable growth while also delivering long-term value to its shareholders.

He emphasized that the Bank, buoyed by the robustness of its balance sheet and its diversified business model, achieved business volume growth by prioritizing customer-centric approaches and delivering innovative banking experiences.

“We are seeing considerable momentum in both attracting and developing relationships with our clients.   This is further supported by our strong position in terms of credit quality and capitalization, providing us with a solid foundation. This positions us well to continue advancing throughout 2024. Our growth strategy and diversified business mix highlight our resilience and stability amid a challenging macroeconomic landscape,” Al-Sager noted.

Al-Sager emphasized the importance of prudent risk management, alongside adequate liquidity, and robust capitalization, which enabled the Bank to maintain its support for customers and achieve a strong performance in the quarter. He emphasized that financial prudence, combined with ongoing investment in innovation and development, reflects the Bank's commitment to supporting customers and the community, especially in challenging times.

He underscored that in 2024, NBK will capitalize on its robust position to advance its goal of extending its brand presence across diverse sectors, notably in wealth management. This encompasses the launch of “NBK Wealth”, aimed at pioneering innovative and advanced solutions in private banking, wealth management, financial planning, investment management, and advisory services through a global network of operations.

Al-Sager also emphasized the significant strides the Bank has made in its digital transformation journey, focusing on enhancing the banking experience to meet the actual needs and aspirations of its customers. This has been achieved through the design and implementation of a range of digital services and products.

Regional Leadership

“In the first quarter of the year, NBK’s regional leadership in sustainability was acknowledged, culminating in receiving the Best Bank in the Middle East for ESG-Related Loans Award 2024 by Global Finance. This accolade underscores our dedication to sustainable business practices and strengthens our aspiration to serve as the key partner for our clients in sustainable financing endeavors,” Al-Sager noted.

Al-Sager also stated that NBK has received a score of “C” in the categories of Climate Change and Forests 2023, as announced by CDP, a globally recognized non-profit organization overseeing the leading environmental disclosure, noting that NBK stands out as the sole bank in Kuwait to be rated by CDP, establishing its position among the leading financial institutions in the GCC engaged in the initiative. 

Al-Sager underscored that in 2024, NBK will continue strengthening its position through investing in its people. The Bank will also prioritize offering the best products and services tailored to its customers' needs, expanding its presence in existing markets, and further developing its innovative businesses to better serve its customers and community.

Key financial indicators for 1Q2024

  • Net operating income of KD 309.0 million (USD 1.0 billion), up 11.2% year-on-year
  • Total assets increased by 5.1% year-on-year, at KD 38.3 billion (USD 124.7 billion)
  • Total loans and advances grew by 5.7% year-on-year to KD 22.4 billion (USD 72.8 billion)
  • Customer deposits increased by 9.0% by the end of March 2024 to KD 22.3 billion (USD 72.4 billion)
  • Shareholders’ equity amounted to KD 3.8 billion (USD 12.3 billion), registering an annual growth of 7.9%.
  • Strong asset quality metrics, with NPL/gross loans ratio at 1.51% and an NPL coverage ratio of 248%.
  • Robust Capital Adequacy Ratio of 17.2%, comfortably in excess of regulatory requirements.  

About NBK:

National Bank of Kuwait (NBK) was established in 1952 as the first national bank and the first joint stock company in Kuwait and the Arab Gulf region. NBK achieved profits of USD 1.8 billion (KD 560.6 million) in 2023, while the Bank’s total assets reached USD 122.8 billion (KD 37.7 billion) by the end of 2023, and total shareholders’ equity reached USD 12.0 billion (KD 3.7 billion).

NBK is the largest conventional financial institution in Kuwait and has actual predominance in the commercial banking sector. The bank has consistently retained the highest credit ratings among all banks in the region, as affirmed by renowned global ratings agencies such as Moody's, Standard & Poor's, and Fitch. Noteworthy is NBK's extensive network, encompassing branches, associates, and affiliates across key global financial hubs, including China, Geneva, London, Paris, New York, and Singapore. Additionally, NBK maintains a robust regional presence in Lebanon, Egypt, Bahrain, Saudi Arabia, Iraq, and the UAE.

NBK Long-Term Rating

• Moody's Credit Rating: A1

• Fitch Ratings: A+

• Standard & Poor's Rating: A