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Kuwait: NBK Reports Net Profit of KD 84.3 million for 1Q 2021
21.04.2021National Bank of Kuwait (NBK) has announced its financial results for the first quarter ended 31 March 2021. NBK reported a net profit of KD 84.3 million (USD 278.8 million), compared to KD 77.7 million (USD 256.9 million) for 1Q 2020, up by 8.5% year-on-year.
Total assets as of end of March 2021 grew by 1.5% year-on-year to reach KD 31.0 billion (USD 102.5 billion), whereas total loans and advances increased by 0.8% year-on-year to KD 17.9 billion (USD 59.0 billion), and total shareholders’ equity reached KD 3.3 billion (USD 10.8 billion), boosting by 6.6% year-on-year.
Commenting on the results, NBK Group Chairman, Nasser Al-Sayer, said: “During the first quarter of the year we continued to experience some of the challenges resulting from the Covid-19 pandemic including movement restrictions and renewed closures. Despite these headwinds, NBK was able to grow its profits for the period demonstrating its resilient business model, solid financial fundamentals backed by its prudent income diversification and digital transformation strategies.”
Al-Sayer noted that the variant pace of vaccine rollout and recovery of major economies worldwide has compelled the Group to continue focusing on the conservative approach adopted since the beginning of the crisis.
Al-Sayer emphasized that the Bank is able to meet its customers’ needs and expectations by providing top-tier banking services and supporting them to overcome these exceptional circumstances through financing and advisory services; reflecting NBK’s remarkable capabilities, highly professional cadres and long-standing expertise, which always succeeded in earning and maintaining customers’ trust.
“We are fully committed to our historical and leading roles in supporting the national economy and delivering on our social responsibilities; becoming a key player in supporting community stability and stimulating business environment, and this role is best manifested during the times of crises,” added Al-Sayer.
Al-Sayer also explained that these exceptionally challenging times demonstrated NBK’s successful strategy in compliance with ESG standards considering them a key pillar for achieving sustainable growth in the future, thereby becoming a role model across the region in this regard.
Al-Sayer extended special gratitude to the bank’s employees for the dedication they showed in working during these exceptional circumstances, appreciating their strong sense of responsibility during these difficult times, which demonstrated that NBK’s human capital is the cornerstone of its success and key to achieving its future goals.
On his part, NBK Group Chief Executive Officer, Isam J. Al Sager, commented: “We are proud of reporting consistently healthy quarterly profits since the beginning of the pandemic, while maintaining a solid financial position, strong capitalization and stable asset quality metrics. This ensures a sustainable future growth and ability to meet the needs of our customers.”
In light of market conditions, we will continue to closely monitor costs, optimize operations and our balance sheet, and invest in areas where we believe the greatest short- and long-term impact can be achieved. We are focused on our digital transformation, a program that has been accelerated by the Covid-19 pandemic and that has proven vital to our response to the crisis. We will maintain our conservative approach to risk, allowing us to withstand external pressures until during the gradual normalization of economic activity, which we are cautiously optimistic will take place in the course of 2021.” added Al-Sager.
Al-Sager noted that in light of curfews imposed in Kuwait and challenges posed by the Covid-19 pandemic, the Bank’s digital capabilities have been a clear testimony to the remarkable technological capabilities and infrastructure built over years, which yielded top-notch digital banking services and payment solutions that were remarkably well-received by customers across all segments. We will continue to investing in our digital services, enabling the Group to maintain solid progress towards its strategic objectives.
Al-Sager pointed out that the income diversification strategy succeeded in preserving the Group’s leading position and dominant share in Kuwait, in addition to building strong competitive edges in the key regional markets in Egypt and Saudi Arabia, leveraging the integration and completeness of the Group’s offerings.
Al-Sager concluded by saying: “Our financial results boost our confidence in being well-positioned to be the biggest beneficiary of the gradual recovery, thanks to our comfortable liquidity, strong asset quality, and our digital excellence.”
Performance and operating highlights (Q1 2021):
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Total assets grew by 1.5% year-on-year, to KD 31.0 billion (USD 102.5 billion)
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Total loans and advances grew by 0.8% year-on-year to KD 17.9 billion (USD 59.0 billion)
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Total shareholders’ equity reached KD 3.3 billion (USD 10.8 billion), boosting by 6.6% year-on-year
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NPL/gross loans ratio at 1.68% and an NPL coverage ratio of 225%
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Robust Capital Adequacy Ratio of 18.4%, comfortably in excess of regulatory requirements
Kuwait: NBK Posts Strong Net Profits of KD 575.6 Million in FY2025
28.01.2026National Bank of Kuwait (NBK) has announced its financial results for the financial year ended 31 December 2025.The Bank reported a net profit of KD 575.6 million (USD 1.9 billion), compared to KD 600.1 million (USD 2.0 billion) for the financial year 2024. Earnings per share (EPS) stood at 64 fils for 2025, compared to 66 fils for 2024.
Profit before tax increased by 5.4% on a year-on-year basis, reaching KD 734.6 million (USD 2.4 billion) at the end of 2025, compared to KD 696.8 million (USD 2.3 billion) in 2024.
Total assets as of December 2025 grew by 13.1% year-on-year, reaching KD 45.6 billion (USD 149.4 billion), while customer deposits grew by 14.0%, totaling KD 26.1 billion (USD 85.3 billion) by the end of 2025.
Meanwhile, Group loans and advances reached KD26.8 billion (USD 87.8 billion) by December 2025, reflecting a growth of 13.1% year-on-year. In the meantime, shareholders' equity also saw an increase, standing at KD 4.3 billion (USD 14.0 billion), up by 9.2% year-on-year.
In terms of distributions, the Board of Directors has proposed a cash dividend of 35 fils per share for the financial year 2025, equivalent to 53% of net profits. In addition, the Board has recommended the distribution of bonus shares at a ratio of 5%. These proposed distributions are subject to the approval of the Annual General Assembly (AGM).
A Prudent Approach
Commenting on the Bank's annual financial results, Mr. Hamad Al-Bahar, NBK Group Chairman, affirmed that, despite the challenges posed by the global economic environment in 2025, including the repercussions of geopolitical tensions, tariff pressures, and the accommodative trajectory of interest rates, the Bank succeeded in further consolidating its position as a leading financial institution. This performance was underpinned by a prudent operating approach and a flexible strategy anchored in diversification and financial discipline.
Al-Bahar noted that the Bank’s financial results for the year ended 31 December 2025 reflect NBK’s ability to adapt and navigate a wide range of economic conditions, supported by a diversified business model, a strong capital base, high-quality assets, comfortable liquidity position, and a robust governance and risk management framework.
He added that the Bank continues to successfully execute its strategy of balancing the delivery of superior returns to shareholders with meeting the evolving needs of its customers. He further emphasized that sustainability has become a central pillar of NBK’s long-term growth agenda. The Bank recorded a significant year-on-year increase of approximately 23% in the value of its sustainable assets, reaching USD 6.10 billion by the end of 2025. This represents 61% of its strategic 2030 target of USD 10 billion. Al-Bahar added that 2025 marked a year of significant achievements that further reinforced NBK’s position as the largest contributor to corporate social responsibility initiatives in Kuwait. Among the most notable milestones were the inauguration of the Shuwaikh Beach Development and Beautification Project, funded by the Bank at a cost of KWD 3 million, as well as the laying of the foundation stone for the expansion of the NBK Children’s Hospital for Hematology, Oncology, and Stem Cell Transplant. The expansion includes the construction of a new building at an estimated cost of nearly KWD 19 million.
Solid Operating Performance
Meanwhile, Mr. Isam J. Al-Sager, NBK Group Vice Chairman and CEO, said: “The Group’s 2025 results reflect the solid operating performance delivered across its various business segments, led by its core banking activities, despite the volatile global operating environment and its spillover effects on regional and local markets. During the year, the Group recorded a year-on-year growth of 3.6% in net operating income, reaching KWD 1.3 billion (USD 4.2 billion).”
He noted that the Group’s profit before tax recorded a year-on-year increase of 5.4% in 2025, while net profits were impacted by the application of the domestic top-up minimum tax on multinational entities operating in Kuwait. He emphasized that this impact on profit growth is transitional in nature, reflecting the base-year effect of 2025 as the first year of the tax’s implementation.
Al-Sager emphasized that NBK Group’s diversified business mix, carefully calibrated strategic investments, and disciplined risk management have mitigated the impact of adverse global economic conditions. He added that NBK continues to invest in technology and innovation as fundamental pillars of inclusive and sustainable growth, while also expanding its customer base and capitalizing on opportunities across promising markets and key sectors.
He further noted that, throughout 2025, the Bank continued to roll out innovative banking services and products specifically designed to meet the evolving needs of its customers. In addition, the Group’s Consumer and Digital Banking arm launched its new five-year strategy through 2030, marking a strategic shift from mere digitization of services to a fully customer-centric, underpinned by data collection and advanced analytics. This transformation further reinforces NBK’s leadership position locally and regionally, offering an exceptional banking experience.
Furthermore, Al-Sager pointed to the key contribution of both NBK Group’s corporate banking and international operations, as well as Boubyan Bank— the Group’s Islamic banking arm— in strengthening the Group’s profits. He further highlighted that NBK Wealth has continued to consolidate its position as the largest wealth management entity in Kuwait and among the largest in the region, by offering an integrated suite of private banking, investment management, and advisory services through a globally connected network of operations.
On major financing transactions, Al-Sager stated: “During 2025, NBK led a KWD 1.5 billion syndicated term facility with Kuwait Petroleum Corporation (KPC). This transaction represents the largest financing of its kind denominated in Kuwaiti Dinars. The Bank served as the mandated lead arranger and bookrunner for the facility, as well as the agent for the conventional tranche. NBK’s share amounted to KD 495 million of the total financing, making it the largest contributor among all participating conventional and Islamic banks, accounting for approximately 60% of the KD 825 million conventional tranche.”
Al-Sager noted that this transaction reinforces NBK’s position as the largest financier of Kuwait’s oil sector and the primary banking partner for energy companies in supporting their expansion and growth plans.
He further noted that Kuwait Clearing Company’s selection of NBK as the country’s main settlement bank represents a testament to the Bank’s substantial investments in digital infrastructure and its high level of operational readiness. This milestone further strengthens NBK’s role in advancing the development of Kuwait’s capital market infrastructure.
On the sustainability front, Al-Sager affirmed that NBK continues to deepen its leading role in shaping a more sustainable future through its green financing initiatives and the development of products and solutions that reflect global best practices in sustainable finance. In this context, he pointed to the Bank’s signing in 2025 of Kuwait’s first-ever green loan agreement. He also highlighted NBK’s ongoing efforts to strengthen its environmental, social, and governance (ESG) framework through measurable initiatives that support emissions reduction and the achievement of carbon neutrality by 2060.
The Operating Environment
Al-Sager expressed his optimism regarding an improvement in the domestic operating environment in 2026, supported by a number of key factors.
He explained that the Financing and Liquidity Law enacted in 2025 has established an advanced framework for long-term sovereign debt issuances, thereby enhancing banking system liquidity through high-quality sovereign assets and supporting the financing of large-scale projects. He added that the Real Estate Financing Law—once approved—would enable banks to provide long-term financing for the residential sector, helping address the housing challenge and stimulating activity across construction and real estate–related sectors.
Moreover, Al-Sager noted that the value of government-awarded projects in 2025 exceeded KWD 4 billion, surpassing 2024 levels by well over 60%. Meanwhile, bank credit recorded solid performance, with credit to residents growing by approximately 7.63% year-on-year as of the end of December 2025, the fastest pace since 2023.
He indicated that project awards are expected to gain further momentum in 2026, supported by the broad pipeline of initiatives under the government’s capital projects program across multiple sectors, alongside a gradual pace of interest rate cuts. This combination bodes well for the outlook and is set to create a favorable environment for credit growth for both corporates and individuals during the year.
He emphasized, however, that while the domestic outlook remains positive, it is accompanied by certain regional and global challenges, including persistent geopolitical tensions, tariffs, and their associated negative economic repercussions.
Prestigious Awards
During 2025, NBK further consolidated its leadership position by receiving a series of prestigious awards from leading global institutions and publications.
Among these accolades, MEED named NBK Best Retail Bank and Best SME Bank in Kuwait, in addition to awarding the Bank several regional honors across the Middle East and North Africa, including Best Loan Offering, Best Contactless Payment Experience, and Best Payment Solutions for SMEs. NBK’s digital subsidiary, Weyay Bank, was also recognized with the Most Innovative Product Award for its children’s card, “Jeel.”
NBK also received three prestigious awards from Global Finance, including Best Digital Payment Solutions and Best Online Product Offerings in Kuwait, while Weyay Bank was named Best Digital Bank in Kuwait. Furthermore, the Bank won four awards from Euromoney, including Kuwait’s Best Bank for ESG, Kuwait’s Best Bank for Large Corporates, Kuwait’s Best Bank for Diversity and Inclusion, as well as Kuwait’s Best Digital Bank for Weyay Bank.
Key financial indicators for the financial year ended December 31, 2025
• Net operating income stood at KD 1.3 billion (USD 4.2 billion), up 3.6% year-on-year
• Total assets grew by 13.1% year-on-year, at KD 45.6 billion (USD 149.4 billion)
• Total loans and advances increased by 13.1% year-on-year to KD 26.8 billion (USD 87.8 billion)
• Customer deposits grew by 14.0% year-on-year to KD 26.1 billion (USD 85.3 billion)
• Total shareholders’ equity amounted to KD4.3 billion (USD 14.0 billion), registering an annual growth of 9.2%.
• Strong asset quality metrics, with NPL/gross loans ratio at 1.36% and an NPL coverage ratio of 240%
• Robust Capital Adequacy Ratio of 17.0%, comfortably exceeding regulatory requirements.