National Bank of Kuwait-Bahrain (NBK Bahrain) reported net profit of $168 million (BD63.38m) for 1H-2023, compared to $145m (BD54.84m) in the corresponding period of 2022.

As of end of June 2023, NBK-Bahrain’s total assets stood at $17.9 billion (BD6.75bn) compared to $18.7bn (BD7.05bn) in the corresponding period of 2022.

Total shareholders’ equity increased by 15pc y-o-y to $3.06bn (BD1.15bn), whereas customer deposits decreased by 4pc y-o-y to $7.820bn (BD2.95bn) compared to $8.171bn (BD3.080bn) in the corresponding period.

Commenting on the 1H 2023 results, NBK Group vice-chairman and chief executive Isam Al Sager said: “Despite the ongoing challenges posed by global economic challenges stemming from geopolitical instability and elevated inflation rates, NBK Bahrain has managed to achieve substantial profits during the first half of 2023. This growth in profitability underscores the bank’s resilient business model and solid financial standing.”

Mr Al Sager highlighted that the group’s strategic investments over the recent past years in key growth areas, with a strong focus on sustaining digital leadership and offering cutting-edge banking solutions across all sectors, in addition to the performance of international operations played a key role in supporting the group’s profitability and mitigating risk.

“NBK Group possesses a unique advantage as a result of its extensive geographical footprint. This, in turn, promotes the seamless integration of the group’s services, and the diversity it provides affords a high level of resilience to the group’s profits, giving its business a strong competitive edge,” he noted.

Mr Al Sager emphasised that NBK-Bahrain continues to strengthen 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.

He also highlighted NBK Group’s commitment to further growth in the markets it currently serves, with a clear aim to reinforce its prominent position in the region. This expansion aligns closely with the bank’s strategic objectives of realising sustainable future growth.

On his part, Ali Fardan, general manager of NBK-Bahrain, said: “NBK-Bahrain delivered good results for the first half of 2023, despite the challenges facing the banking sector. This was achieved thanks to the group’s continuing clear strategy and sound vision focusing on core banking activities.”

Mr 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.

“Over the first six months of the year, the operating environment in Bahrain showed more signs of recovery thanks to the unwavering efforts to support the economy, which would give more confidence to the business sector and stronger momentum to the economic performance,” he noted.

Mr Fardan praised the Central Bank of Bahrain’s efforts, in particular, and all government agencies, in general, for their continued support to NBK-Bahrain and the entire Bahraini banking sectors.

He also highlighted the great support extended by NBK Group through its vast regional and global network of branches and subsidiaries, as it has been vitally important in strengthening the bank’s activities in the Bahraini market, through capitalising on its 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.

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