Fardan: NBK-Bahrain continues to build on NBK-Group’s clear strategy focusing on core banking business to consistently drive solid results
National Bank of Kuwait-Bahrain (NBK Bahrain), reported net profits of BHD 60 million (equivalent to KWD 48.283 million) for the first half of 2019 compared with BHD 55 million (equivalent to KWD 44.3 million) for the same period of 2018, a growth of 9 % year-on-year.
As of end of June 2019, NBK-Bahrain’s total assets increased by 12.8 % y-o-y to BHD 6.824 billion, compared with BHD 6.048 billion for the same period of previous year. While total shareholders’ equity increased by 18 % y-o-y to BHD 758.549 million compared with BHD 642.330 million for the same period of previous year.
Isam Al-Sager, NBK Group Chief Executive Officer said “Once again, NBK Group proves its dominance in the regional market and solidifies its leadership position through the outstanding performance of yet another one of its regional operations, NBK-Bahrain. These solid results come in line with the Group’s strategy aimed at strengthening its position throughout MENA region as well as diversifying its revenue streams”.
Al Sager also added that the improved profit performance in NBK Bahrain was attributable to increased operating banking revenues despite the challenging operating environment.
Moreover, Al-Sager affirmed that NBK-Group will continue to focus on its international operations and foster external growth in order to complement its domestic market dominance in Kuwait.
Ali Fardan, NBK-Bahrain General Manager, said “We continue to build on NBK-Group’s clear strategy to focus on our core banking business to consistently drive solid results. In addition to that, we have a very talented and experienced team that backs our operations year after year. I am confident that we are set to achieve further growth in the remaining part of 2019 and beyond.”
NBK has been present in Bahrain since 1977 and enjoys strong and historical relationships with the major Bahraini and international companies. Al Fardan added.
NBK retains its position as one of the most stable banks in the MENA region, having consistently achieved high credit ratings and being recognized by Global Finance as one of the world’s 50 safest banks.
-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 370.7 million) for 2018. NBK's total assets were USD 90.4 billion (KD 27.4 billion) at the end of 2018, while shareholder equity stood at USD 9.7 billion (KD 2.9 billion).
NBK is the largest financial institution in Kuwait with effective market dominance in the commercial banking market and has been consistently awarded 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, Jordan, Egypt, Bahrain, Saudi Arabia, Iraq, Turkey, and the UAE.
NBK’s Long-Term Rating:
- Moody’s : Aa3
- Fitch Ratings: AA-
- Standard & Poor’s: A+
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
