Al-Sager: Solid results reflect Group’s sound strategy
KUWAIT: National Bank of Kuwait-Bahrain (NBK Bahrain), the branch of NBK Group in Bahrain, reported net profits of BHD 55 million (equivalent to KD 44.3 million) for the first half of 2018 compared with BHD 46.1 million (equivalent to KD 37.1 million) for the same period of 2017, a growth of 19.4 percent year-on-year.
NBK-Bahrain’s total assets increased by 13 percent y-o-y to BHD 6.048 billion (equivalent to KD 4.866 billion), compared with BHD 5.359 billion (equivalent to KD 4.312 billion) for the same period of previous year. While total shareholders’ equity increased by 18 percent y-o-y to BHD 642.330 million (equivalent to KD 516.729 million) compared with BHD 545.482 million (equivalent to KD 438.818 million) for the same period of previous year. Customer deposits increased by 24 percent y-o-y to BHD 3.244 billion (equivalent to KD 2.609 billion) compared with BHD 2.611 billion (equivalent to KD 2.100 billion) for the same period of previous year.
Isam Al-Sager, NBK Group Chief Executive Officer said “Once again, NBK Group proves its dominance in the regional market and solidifies its leadership position through the outstanding performance of yet another one of its regional branches, NBK-Bahrain. These solid results come in line with the Group’s strategy aimed at strengthening its position throughout MENA region to diversify its revenue stream”.
“We have been increasingly focused on our international operation and the numbers have definitely reflected the successful route we have been following. During the 1H2018, our international business continued to grow, strongly contributing close to 30 percent of the Group’s bottom line”. Al-Sager commented.
Al-Sager also added that the improved profit performance was attributable to increased operating banking revenues despite the challenging operating environment. Moreover, Al-Sager affirmed that NBK-Group will continue to focus on its international operations and foster external growth in order to complement its local dominance.
Ali Fardan, NBK-Bahrain General Manager, said “We continue to draw on NBK-Group’s clear strategy to focus on our core business to consistently drive solid results. In addition to that, we have a very talented and experienced team that backs our operations year after year. I am confident that we are set to achieve further growth in the remaining part of 2018 and beyond.”
NBK has been present in Bahrain since 1977 and enjoys strong and historical relationships with the major Bahraini and international companies, Al-Fardan added.
NBK continues to enjoy collectively one of the highest ratings among all banks in the Middle East from the three international rating agencies Moody’s, Fitch Ratings and Standard and Poor’s. The Bank’s ratings are supported by its high capitalization, prudent lending policies, and its disciplined approach to risk management, in addition to its highly recognized and very stable management team. NBK was also named among Global Finance’s list of the 50 safest banks in the world for twelve consecutive times and was awarded as the Best Bank in Kuwait in 2017 by the Banker, Euromoney and Global Finance.
NBK enjoys the widest banking presence with a local and international network reaching four continents. NBK’s international presence spans many of the world’s leading financial centers including New York, Europe, Singapore and China; in addition to its presence in MENA.