NBK Bahrain reports net profit of $312mln

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MANAMA: National Bank of Kuwait-Bahrain (NBK Bahrain) reported net profit of $312 million (BD117.51m) for 2020, compared with $313m (BD117.89m) for 2019.

As of end-2020, NBK-Bahrain’s total assets decreased by 5 per cent year-on-year (YoY) to $18.341 billion compared with $19.346bn in 2019.

Total shareholders’ equity increased by 4pc YoY to $2.170m, whereas customers deposits stood at $4.768bn, by end-2020.

Commenting, NBK Group chief executive Isam Al Sager said, “National Bank of Kuwait-Bahrain realised good profits for 2020, despite the challenging operating environment worldwide in decades, combined with the record low interest rates globally.

“The performance of international operations played a key role in supporting the group’s profits for the past year, which manifests our unique business model, and at the same time proves the success of our regional expansion strategy in hedging against the risks and fluctuations, and its contribution to diversifying income sources,” he added.

Mr 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 the group, given the promising opportunities.

He stressed that NBK Group will continue to strengthen its competitive edge and seize the opportunities in its international markets to ensure regional leadership, in addition to continuing to implement the bank’s customer-focused strategy for stronger future growth.

NBK-Bahrain general manager Ali Fardan said: “NBK-Bahrain’s results for 2020, in view of the challenges facing the banking sector, are a testament to our resilient and 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 instalments and payments, in addition to working closely with the Central Bank of Bahrain to mitigate the pandemic’s impact, as part of the commitment to national duties,” he noted.

Mr Fardan added 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.

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