NBK – Bahrain reports net profit of KD 51.7 million in first half of 2023
KUWAIT: National Bank of Kuwait-Bahrain (NBK Bahrain) reported net profits of BHD 63.38 million (KD 51.7 million) for 1H 2023 compared to BHD 54.84 million (KD 44.68 million) in the corresponding period of 2022. As of end of June 2023, NBK-Bahrain’s total assets stood at BHD 6.75 billion (KD 5.51 billion) compared to BHD 7.05 billion (KD 5.75 billion) in the corresponding period of 2022.
Isam Al-Sager.
Total shareholders’ equity increased by 15 percent y-o-y to BHD 1.15 billion (KD 940 million), whereas customer deposits decreased by 4 percent y-o-y to BHD 2.95 billion (KD 2.405 billion) compared to BHD 3.080 billion (KD 2.51 billion) in the corresponding period. Commenting on the bank’s first half 2023 results, Isam Al-Sager, NBK Group Vice-Chairman and Chief Executive Officer said, “Despite the ongoing challenges posed by global economic challenges stemming from geopolitical instability and elevated inflation rates, NBK Bahrain has managed to achieve substantial profits during the first half of 2023.
This growth in profitability underscores the bank’s resilient business model and solid financial standing.” Al-Sager highlighted that the Group’s strategic investments over the recent past years in key growth areas, with a strong focus on sustaining digital leadership and offering cutting-edge banking solutions across all sectors, in addition to the performance of international operations played a key role in supporting the Group’s profitability and mitigating risk. “NBK Group possesses a unique advantage as a result of its extensive geographical footprint.
This, in turn, promotes the seamless integration of the Group’s services, and the diversity it provides affords a high level of resilience to the Group’s profits, giving its business a strong competitive edge,” he noted. Al-Sager emphasized that NBK-Bahrain continues to strengthen 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 also highlighted NBK Group’s commitment to further growth in the markets it currently serves, with a clear aim to reinforce its prominent position in the region.
Ali Fardan.
This expansion aligns closely with the bank’s strategic objectives of realizing sustainable future growth. On his part, Ali Fardan, General Manager of NBK-Bahrain, said:“NBK-Bahrain delivered good results for the 1st half of 2023, despite the challenges facing the banking sector. This was achieved thanks to the Group’s continuing clear strategy and sound vision focusing on core banking activities.”
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. “Over the first six months of the year, the operating environment in Bahrain showed more signs of recovery thanks to the unwavering efforts to support the economy, which would give more confidence to the business sector and stronger momentum to the economic performance,” he noted.
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.
