MANAMA: National Bank of Kuwait-Bahrain (NBK-Bahrain) reported a net profit of $161.5 million (BD60.890m) for 1H 2020, compared with $159m (BD59.950m) for the same period in 2019, recording an increase of two per cent year-on-year.
As of end of June 2020, NBK-Bahrain’s total assets grew by 4.6pc y-o-y, to $18.9 billion, compared with $18.1bn for the same period in 2019, while total shareholders’ equity recorded $1.837bn.
Commenting on the 1H 2020 results, NBK Group CEO Isam Al Sager said, “NBK-Bahrain managed to post good profits for the 1st half of 2020, despite the unprecedented challenges facing the operating environment and the uncertainty following coronavirus pandemic outbreak, combined with the sharp fall collapse in oil prices, in addition to global interest rates cuts, which added more pressure on net interest margins.”
Mr Al Sager pointed out that NBK Group’s strategic investments over the last years in the main areas supporting growth and performance of international operations had a major impact on boosting the group’s profits and minimising risk. This once again demonstrates the success of the diversification policy adopted by the group for a long time, especially in Bahrain, given the promising growth prospects and positive outlook of this market.”
He added that NBK-Bahrain continues to consolidate its position year after year in the Bahraini market, which is one of the key growing markets for NBK Group, especially considering that the bank’s profits are operating profits.
NBK-Bahrain general manager Ali Fardan said, “The bank has achieved good results for the 1st half of the year despite the challenges facing the banking sector, thanks to the continued reliance on NBK Group’s clear strategy and sound vision of focusing on core banking activities.”
Mr Fardan affirmed that the bank took upon itself to support its customers during these exceptional circumstances, by deferring their loan and credit card installment payments, as part of the bank’s commitment to its national duties.
He stated that the bank activated business continuity plans during the crisis to ensure helping our customers make it through the prevailing difficult circumstances, and also worked closely with the Central Bank of Bahrain to support the stimulus package that aimed at mitigating the fallout of coronavirus crisis on the local economy.
Additionally, he indicated that the bank continues to enhance its activity in Bahrain to provide top-notch banking and financial services to both its individual and institutional customers.
Mr Fardan also stressed that the support provided by NBK Group to the bank in Bahrain, through its wide 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 as the best bank in the Middle East and one of the safest banks all over the world.
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