Fardan: Our profits for 2020 is a testament to our resilience and quick adaptability to the challenges resulting from the pandemic
National Bank of Kuwait-Bahrain (NBK Bahrain) reported net profits of BHD 117.51 million (KWD 94.68 million) for the year 2020, compared to BHD 117.89 million (KWD 94.98 million) for the year 2019.
As of end of 2020, NBK-Bahrain’s total assets decreased by 5% y-o-y to BHD 6.92 billion compared with BHD 7.29 billion in 2019. Total shareholders’ equity increased by 4% y-o-y to BHD 818.10 million, whereas Customers deposits stood at BHD 1.8 billion by end of December 2020.
Commenting on NBK Bahrain’s year-end financial results, Mr. Isam Al-Sager, NBK Group Chief Executive Officer said, “National Bank of Kuwait - Bahrain realized good profits for 2020, despite the unprecedently 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.
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 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.
On his part, Mr. Ali Fardan, General Manager of NBK-Bahrain, 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 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 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 capitalizing 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.
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.
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 812.3 million (KD 246.3 million) for 2020. NBK's total assets were USD 98.0 billion (KD 29.7 billion) at the end of 2020, while shareholder equity stood at USD 10.5 billion (KD 3.2 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 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, associates 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.
- Long-term credit ratings:
- Moody’s A1
- Fitch Ratings AA-
- Standard & Poor’s A
© Press Release 2021
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