News

Kuwait: NBK - Bahrain Reports a Net Profit of BHD 60.89 Million (KWD 49.793 Million) in 1H 2020

National Bank of Kuwait – Bahrain (“NBK – Bahrain”) reported a net profit of BHD 60.89 million (KWD  49.793 million) for 1H 2020, compared to BHD 59.95 million (KWD 48.283 million) for the same period in 2019, recording an increase of 1.6% year-on-year.

As of end of June 2020, NBK-Bahrain’s total assets grew by 4.6% y-o-y, to reach BHD 7.135 billion, compared with BHD 6.824 billion for the same period in 2019, while total shareholders’ equity recorded BHD 692.426 million. 

Commenting on the Bank’s 1H 2020 results, NBK Group CEO, Mr. 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.”

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 minimizing 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."

Al-Sager 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.

On his part, General Manager of NBK - Bahrain, Mr. 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 of NBK Group’s clear strategy and sound vision on focusing on core banking activities.”

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.

Fardan 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 out that the bank continues to enhance its activity in the Kingdom of Bahrain to provide top-notch banking and financial services to both its individual and institutional customers.

Fardan commended the efforts of the Central Bank of Bahrain, in particular, and government authorities, in general, which supported the performance of the bank and the banking sector in Bahrain at large. He 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, capitalizing 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.
 

Bahrain: NBK Rewards Program Named “Fastest Growing Credit Card Rewards Program in Bahrain for 2023”

National Bank of Kuwait - Bahrain (NBK) has won “Fastest Growing Credit Card Rewards Program in Bahrain for the Year 2023”, for the NBK Rewards Program. The program is presented by blu AI™, the leading provider of customer loyalty and customer engagement solutions in Bahrain and Middle East.

The NBK Rewards Program was nominated based on several principles and criteria, mainly the customer base growth rate to register and get activated in the Rewards Program upon receiving the NBK Credit Card and benefiting from the various categories available for redeeming points, such as cash back, travel packages, purchase vouchers, Falconflyer travel miles from Gulf Air, and many more.

National Bank of Kuwait - Bahrain launched the NBK Rewards Program in 2021, which has contributed since to encouraging the use of NBK Credit Cards inside and outside Bahrain. It is a permanent free program that allows customers, when using their Credit Cards while shopping, to earn points on every purchase starting at BHD 1. The points can later be redeemed for other purchases or cashback at participating outlets. Points are accrued and then redeemed through the NBK Rewards Program.

The General Manager of National Bank of Kuwait-Bahrain, Mr. Ali Fardan, expressed his great happiness to receive this award, which came as a confirmation of its success and the extent of customers’ satisfaction with the provided benefits. Mr. Fardan expressed his pride in the partnership with blu AI™, which is witnessing rapid growth in the region and beyond along with a remarkable progress in the number of financial institutions and other commercial enterprises with international brands that have joined it.

For his part, CEO of blu AI™, Mr. Tony Gougassian, expressed: We are pleased to grant National Bank of Kuwait - Bahrain this award and we are proud of this partnership with one of the largest credit card service providers in Bahrain, which has a pioneering vision for excellence and to continue cooperation to develop the features of this program to remain the leader in the field. Loyalty and rewards programs on global standards.

It is worth mentioning that the NBK Rewards Program includes two different categories of cards, and each category determines its own exclusive offers that the customer receives, which are: the NBK Visa Signature Credit Card category and the NBK Visa Platinum Credit Card category. Customers who hold both categories can earn points through all local and international stores and all points of sale and electronic shopping, and they can also transfer points to any other member of the program.