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Kuwait: NBK Run Kicks off with blast

05.12.2021

National Bank of Kuwait (NBK)’s Run kicked off the morning of Saturday 4 December from two different starting points: the Green Island 11 Km race and Souq Sharq 5 Km race. Thousands of cheering supporters, spectators and media individuals lined the racing route on the Arabian Gulf Street to the finish line at the Shuwaikh Beach Park, where the successful event concluded with an award ceremony and a variety of entertaining activities.

More than 6 thousand participants were running for strength and health awareness. The NBK Run culminated with a prize giving ceremony where NBK awarded the top 12 participants, for both male and female and gave away many valuable prizes from Ooredoo alongside the brand new X-Terra Nissan car from Al Babtain Group, NBK’s Run strategic partner.

NBK Group Chief Executive Officer, Isam Jasem Al Sager took part in the NBK Run along with. Group CEO, Al-Babtain Group, Saleh A. Al-Babtain and Abdulaziz Yaqoub Al-Babtain, CEO of Ooredoo Kuwait.

NBK Deputy Group Chief Executive Officer, Shaikha Khaled Al Bahar attended the awarding ceremony along with NBK- Kuwait Chief Executive Officer, Salah Yousef Al Fulaij, NBK- Kuwait Deputy CEO, Sulaiman Barrak al Marzouq, NBK General Manager Consumer Banking Group Mohammad Al Othman, NBK General Manager Group Human Resources Emad Al Ablani and General Manager, Head of Group Operations at National Bank of Kuwait Mohammed Al Kharafi.

Its worth mentioning that, for the past 25 years and in line with the bank’s social responsibility, NBK encouraged people to walk step by step for their health and wellbeing in the NBK Walkathon. This year as the health crisis gradually abates, NBK Walkathon was transformed into NBK Run. to pave the way for both professional runners and a beginner to enjoy challenges and competitions

Live Coverage

NBK’s Social Media team broadcasted the Run on NBK’s Official Facebook, Twitter, LinkedIn and Instagram pages.

Gulf Road Celebrations

Multiple points were set up along the race route starting from the Green Island and  Souq Sharq towards the Shuwaikh Beach Park that witnessed special festivities and celebrations.

Special Thanks

It is worth mentioning that, NBK Run was supported by the strategic partner Al Babtain Group. The event was organized in cooperation with many efforts including the Kuwait Municipality, Kuwait Fire Force and the Touristic Enterprises Company in addition to Ministries of Commerce, Health and Interior. Ooredoo and Huawei as well took part in supporting the event by offering special prizes to the race’s winners and participants.

LOYAC volunteers

Loyac volunteers were present at the finish line to cheer the participants, encourage them and give them memorial medals and water bottles.
Preparations

By the early morning hours, organizers ensured the full readiness of the site to receive the participants. The event started after NBK volunteers finalized all required organizational and preventive measures to ensure the safety of the contestants.

Children’s activities at Shuwaikh Beach Park
This year’s event included organizing events dedicated to children, set up a Shuwaikh Beach Park. The children participated in several fun-filled activities.  

Special Needs

NBK dedicated a special competition within the race for people with special needs, as part of the bank’s beliefs of the utmost importance of involving all members of society and their ability to prove their active and vital role in various areas and fields, particularly sports.

The Run’s Village

As part of the event, a group of sports, entertainment, medical and food groups displayed their products at the finish point of the race and presented their latest services and offers.

Stage Ceremony

NBK presented a large number of prizes and surprises during the final ceremony at the Shuwaikh beach, in response to the public’s great interaction with the bank’s social mission, which receives overwhelming response each year from all age groups, particularly young people.

Nissan X-Terra from NBK Run Strategic sponsor Al Babtain

Mariam Al Enzi was the lucky winners of the brand new Nissan X-Terra, presented by NBK Group Chief Executive Officer, Isam Jasem Al Sager, NBK Deputy Group Chief Executive Officer, Shaikha Khaled Al Bahar and Group CEO, Al-Babtain Group, Saleh A. Al-Babtain from Al Babtain Group during NBK’s Run grand prize draw that was supervised by the Ministry of Commerce and Industry. The winner was among thousands of participants who were entitled to the draw automatically after their online registration.

Ooredoo Rewards

Ooredoo awarded the top race winners with exclusive prizes. Also, Sager Al Obaid was announced as the winner in the draw on a free ticket for two to watch Paris Saint German (PSG) football match live presented by NBK- Kuwait Chief Executive Officer, Salah Yousef Al Fulaij, NBK- Kuwait Deputy CEO, and Sulaiman Barrak al Marzouq.

Huawei Rewards

Huawei awarded the top race winners with exclusive prizes. In addition, Huawei presented a group of exclusive surprises and rewards to participants as part of the event’s stage activities.

NBK Announces the Winner of KD 125,000 in Al Jawhara Monthly Draw
National Bank of Kuwait (NBK) continues to reward its customers with an outstanding array of draws, prizes and offers all year round. In this context, the bank announced Fatima Ali Shouka as the winner of Al Jawhara Monthly prize worth KD 125,000 for November 2021.

On the other hand, NBK announced the names of the winners of Al Jawhara Weekly Draws worth KD 5,000 each including: Abrar Bader Hussain, Adel Abdulla Al-Qallaf, Abbas Fadel Al-Haddad and Jouliana Kamal Barghouth



Kuwait: NBK Reports Net Profit of KD 362.2 million for FY 2021

27.01.2022

National Bank of Kuwait (“NBK”, the “Bank” or the “Group”) has announced its financial results for the twelve-month period ended 31 December 2021. NBK reported a net profit of KD 362.2 million (USD 1.2 billion), compared to KD 246.3 million (USD 814.4 million), improving by 47.1% year-on-year.

As of end of December 2021, NBK’s total assets grew by 11.9% on annual basis, to reach KD 33.3 billion (USD 109.9 billion), while customers’ deposits grew by 6.9% to reach KD 18.3 billion (USD 60.4 billion).

Customer loans and advances on the other hand grew by 12.7% compared to the same period last year, to reach KD 19.7 billion (USD 65.2 billion)while  total shareholders’ equity stood at KD 3.3 billion (USD 11.0 billion) by end of year 2021.

NBK’s Board of Directors has proposed the distribution of a cash dividend of 30 fils per share, representing 59.6% of net profit, in addition to 5% bonus shares (5 shares for every 100 shares). The cash dividend and bonus shares, if approved by the shareholders’ general assembly, shall be payable to the shareholders after obtaining the necessary regulatory approvals.

Earnings per share (EPS) stood at 47 fils, as compared to 31 fils in 2020.

Commenting on the results, NBK Group Chairman, Nasser Al-Sayer, said:
“NBK delivered strong financial results despite the continued challenges posed by the pandemic on the operating environment and the global economy.”

“NBK’s performance affirmed the flexibility and diversity of the Bank’s business model in 2021 through achieving superior returns for its shareholders. The Bank demonstrated its unique ability to overcome the disruptive operating environment whilst persisting to invest in human resources and in our digital agenda to secure future growth,” he noted.

Al-Sayer added: “The bank enjoys a solid financial position alongside a strong and stable capital base; which supports our ability in meeting the growing needs of clients. Throughout the year, the Bank invested heavily in its strategic digital infrastructure in order to position NBK to grow and prosper over the long term.”

“Despite the continued state of uncertainty stemming from the repercussions of the pandemic, the Bank maintained its commitment towards rewarding and adding value to shareholders through strong cash dividends and bonus shares distributions,” he elaborated

”The operational environment in Kuwait is promising in 2022 and we are optimistic with regards to the opportunities embedded; in light of the high vaccination rates which would eventually enhance business sentiment and contribute positively to economic growth alongside the support to the state’s fiscal standing from the recovery in oil prices,” he mentioned.

“We take pride in the progress that we achieved in implementing the highest standards of corporate governance whilst embedding sustainability as an integral part of our corporate culture and operations. Furthermore, we will continue our promises in achieving responsible and sustainable growth and to sharing our successes with the communities in which we operate,” Al-Sayer stated.

Al-Sayer affirmed that: “NBK will continue in its responsible role in supporting the global objective of low-carbon emissions and mitigating the risks of climate change whilst delivering strides across other sustainability initiatives. In this regard, we have set specific goals for sustainable business, and are keen on embedding climate-related considerations as part of our business model in the future.”

“We will continue to place considerable value on the health and safety of our employees and customers while ensuring the delivery of world class products and highest service quality. Moreover, the Bank will remain committed into supporting and contributing to the recovery of Kuwait’s economy,” he concluded.

On his part, NBK Group Chief Executive Officer, Issam J. Al Sager, commented:
“Despite the resurgence of Covid-19 cases and the uncertainty around economic outlook during 2021, NBK succeeded in recording solid profits and exceeded strategic targets set for the year.

The operating environment in Kuwait witnessed a moderate rebound that was characterized by higher consumer spending, improvement in business activity and volumes as well as gradual recovery in government spending and project awarding, which reached KD 1.5 billion in 2021.”

 “NBK delivered robust growth and strong financial performance across business lines. Regardless of the continued low interest rate environment, the Bank’s resilient loans and deposits growth contributed positively and supported in maintaining stable margins,” he added.

“Thanks to the proactive and conservative approach that NBK adopted since the beginning of the pandemic, we now bear the fruits of recording lower cost of risk levels which contributed positively in growing our bottom line profits. Our operating income for the year increased by 7.6% to reach KD 906.3 million; driven by a robust growth in core banking income,” he mentioned.

Al-Sager noted: “The Group continued towards achieving its strategic objectives with wealth management and Islamic banking conveying decent growth and further endorsed its financing dominance and capabilities across retail and corporate segments. Moreover, our non-interest income continues to grow, taking advantage of the different markets where we operate and the strong relationships the Bank has established with its customers over many years.”

“Our digital transformation continued to accelerate this year, driving efficiency and enhanced customer experience, while we also laid the foundation for future growth by launching Weyay, Kuwait’s first digital bank, to better attract and serve the needs of the youth,” he highlighted.

Al-Sager mentioned that “During 2021, NBK added a pool of prestigious awards in recognition of the quality of services and products delivered to clients. Likewise, the Bank asserted itself as a leading global financial institution issuer in the region as we succeeded in issuing two bonds to further enhance its capitalization & liquidity levels and to diversify the Group’s funding profile. The issuances marked a milestone for the Bank and further endorsed investors’ continuous confidence in the Bank’s prudent management and confidence in overcoming crises.”

“In 2022, we will intensify our focus in constantly designing and delivering innovative propositions to our clients. We will also upgrade our digital infrastructure foundations to enrich customers’ experience and to serve as a springboard for regional growth and expansion; as well as investing heavily in our people – who represent the engine of our growth and success,” he promised.

“NBK will remain agile in positioning and endorsing ESG as a core principle to the way we conduct and operate our business, with initiatives in relation to identifying and quantifying ESG already in place. Our commitment is ongoing, with special focus on assessing the direct and indirect environmental impact of our operations, especially as the risks of climate change continue to emerge.”

Performance and operating highlights FY 2021:
• Total assets grew by 11.9% year-on-year, to KD 33.3 billion (USD 109.9 billion)
• Net operating income of KD 906.3 million (USD 3.0 billion), increasing by 7.6% compared to FY 2020
• Customer deposits increased by 6.9% year-on-year to KD 18.3 billion (USD 60.4 billion)
• Total loans and advances grew by 12.7% year-on-year to KD 19.7 billion (USD 65.2 billion)
• Shareholders’ equity stood at KD 3.3 billion (USD 11.0 billion)
• Strong asset quality metrics, with NPL/gross loans ratio at 1.04% and an NPL coverage ratio of 300%
• Robust Capital Adequacy Ratio of 18.1%, comfortably in excess of regulatory requirements