NBK-Bahrain posts firsthalf net profit of $160mln

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MANAMA: National Bank of Kuwait-Bahrain (NBK-Bahrain) reported a net profit of $160 million (BD60.24m) for H1-2021, compared with $161.5m (BD60.89m) for the same period in 2020.

As of end of June 2021, NBK-Bahrain’s total assets stabilised at $18.9 billion, whereas total shareholders’ equity rose by 32 per cent to $2.42bn, and customers’ deposits recorded $4.85bn for the same period.

Commenting on the results, NBK Group chief executive Isam Al Sager said; “NBK-Bahrain managed to post good profits for the first half of 2021, despite the continuing uncertainty witnessed since the beginning of the year, following the emergence of the coronavirus variants, as well as the challenges and disruptions facing the operating environment due to the pandemic.

“Year after year, NBK-Bahrain continues to strengthen its position in the Bahraini market, which is one of the key growth markets for NBK Group, considering its promising growth potential and positive prospects,” he added.

Mr Al Sager noted: “NBK Group has a unique edge represented in the broad geographical footprint and the ability to conduct business in both conventional banking and Islamic banking. This diversification gives a significant degree of resilience to the group’s earnings and provides it with a strong competitive advantage.”

He mentioned that the group’s strategic investments over the recent years in key growth driving areas, along with the performance of international operations was instrumental in supporting the group’s profitability and mitigating risk.

Also commenting was NBK-Bahrain general manager Ali Fardan, who said: “NBK-Bahrain’s results for the first half of 2021, despite the challenges facing the banking sector, is a proof of our resilient and well-diversified business model and our ability to quickly adapt to the challenges brought about by the pandemic.”

Mr Fardan pointed out that during the first six months of the year, the operating environment in Bahrain showed further signs of recovery thanks to the relentless efforts of vaccine rollout campaigns, which would boost confidence in the business environment and give more momentum to the performance of economic activity.

He affirmed that the bank will continue to support its customers to weather the headwinds of the pandemic, as part of its commitment to its national duties.

“We are making steady steps to strengthen our position in Bahrain by offering high-quality banking and financial services to our retail and corporate customers, and leveraging on our huge growth potential in the Bahraini market, Mr Fardan added.

He also stressed that the support provided by NBK Group to the bank in Bahrain, through its widespread regional and international branch network, has clearly contributed to promote the bank’s activities in the Bahraini market, capitalising on its high credit ratings, extensive relationship network and leading reputation.

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