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Bahrain: NBK-Bahrain reports net profits of BHD 60 million (equivalent to KWD 48.283 million) for the first half of 2019, up 9 % y-o-y

National Bank of Kuwait-Bahrain (NBK Bahrain), reported net profits of BHD 60 million (equivalent to KWD 48.283 million) for the first half of 2019 compared with BHD 55 million (equivalent to KWD 44.3 million) for the same period of 2018, a growth of 9 % year-on-year.

As of end of June 2019, NBK-Bahrain’s total assets increased by 12.8 % y-o-y to BHD 6.824 billion, compared with BHD 6.048 billion for the same period of previous year. While total shareholders’ equity increased by 18 % y-o-y to BHD 758.549 million compared with BHD 642.330 million 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 operations, NBK-Bahrain. These solid results come in line with the Group’s strategy aimed at strengthening its position throughout MENA region as well as diversifying its revenue streams”.

Al Sager also added that the improved profit performance in NBK Bahrain 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 domestic market dominance in Kuwait.

Ali Fardan, NBK-Bahrain General Manager, said “We continue to build on NBK-Group’s clear strategy to focus on our core banking 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 2019 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 retains its position as one of the most stable  banks in the MENA region, having consistently achieved high credit ratings and being recognized by Global Finance as one of the world’s 50 safest banks.

Kuwait: NBK - Bahrain Reports a Net Profit of BHD 60.24 Million (KWD 48.18 Million) in 1H 2021

National Bank of Kuwait – Bahrain (“NBK – Bahrain”) reported a net profit of BHD 60.24 million (KWD 48.18 million) for 1H 2021, compared to BHD 60.89 million (KWD 49-79 million) for the same period in 2020.

As of end of June 2021, NBK-Bahrain’s total assets stabilized at BHD 7.13 billion, whereas total shareholders’ equity rose by 32% to BHD 910.55 million, and customers’ deposits recorded BHD 1.83 billion for the same period.

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 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 potentials and positive prospects,” he added.

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.”

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

On his part, General Manager of NBK - Bahrain, Mr. Ali Fardan said: “NBK – Bahrain’s results for the 1st 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.”

Al-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.

Fardan 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 potentials in the Bahraini market, he added.

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 widespread 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.

NBK is the largest financial institution in Kuwait with effective market dominance in the commercial banking market and has been consistently awarded the highest credit rating of all banks in the region from Moody's, Standard & Poor's, and Fitch Ratings. NBK also stands out in terms of its local and international network, which includes branches, subsidiaries and representative offices in China, Geneva, London, Paris, New York, and Singapore alongside its regional presence in Lebanon, Jordan, Egypt, Bahrain, Saudi Arabia, Iraq, Turkey, and the UAE.