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Kuwait: NBK Reports KD 509.1 Million in Net Profits for the Year 2022
30.01.2023National Bank of Kuwait (NBK) released its results for the twelve months period ended December 31, 2022. The Bank recorded a net profit of KD 509.1 million (USD 1.7 billion), up 40.5% year-on-year from KD 362.2 million (USD 1.2 billion) in the corresponding period of 2021.
As of the end of December 2022, total assets grew by 9.3% year-on-year to reach KD 36.3 billion (USD 118.6 billion), whereas customer deposits surged by 10.4% to reach KD 20.2 billion (USD 65.9 billion). Meanwhile, total loans and advances stood at KD 21.0 billion (USD 68.6 billion), up by 6.5% year-on-year, while shareholders’ equity reached KD 3.4 billion (USD 11.2 billion), growing by 3.3% year-on-year.
In terms of distributions, the Board of Directors proposed a cash dividend of 25 fils per share for the second half of 2022, bringing the total cash dividends for the year to 35 fils, representing 52% of profits attributable. The Board of Directors also proposed the distribution of 5% bonus shares (5 shares for every 100 shares owned). The proposed cash dividend distribution and bonus shares are subject to approval by the Annual General Assembly, which will be scheduled during March 2023.
Earnings per share (EPS) stood at 65 fils per share at the end of the year, compared to 45 fils at the end of 2021.
Mr. Hamad Al-Bahar, Group Chairman commented on the financial results: “In a milestone year marking our seventieth anniversary, NBK reported historical results in 2022. As Kuwait’s first national bank, we established a solid foundation since inception and pioneered in promoting national economic development. NBK played a key role in empowering businesses across all sectors while also serving as an industry leader in Corporate Social Responsibility (CSR)”.
“We are proud to have achieved the highest annual profits in the Bank's history; driven by solid operational performance across all business segments, reflecting the soundness of our prudent strategy and solid financial position”, Al-Bahar continued.
NBK record earnings enable the bank’s efforts to support the economy, employ local talents, and boost community investments.
“Over the course of the year, new challenges emerged, including geopolitical tensions in Europe in the wake of the war in Ukraine, as well as tightened monetary policies pursued by most central banks around the world in a bid to curb high inflation, which threatens a global economic slowdown in 2023. Nonetheless, NBK rose above those challenges, thanks to its prudent risk management approach and diversification strategy” Al-Bahar highlighted.
The Board of Directors' recommendation to distribute more than half of the Bank’s profits reflects the bank’s internal capital generation capacity allowing it to maintain a lucrative dividend policy creating shareholders’ value, while preserving healthy capital buffers. Total cash dividends distributed over the past ten years reached KD 1.8 billion in addition to KD 3.2 billion worth of bonus shares (based on NBK closing share price as of 31 December 2022)" Al-Bahar explained.
"Our commitment extends beyond creating value to our shareholders. We offer cutting edge services to our customers, invest in the development of local talents, and expand our reliance on local suppliers."
Al-Bahar confirmed that 2022 was a year of responsible growth, as the Bank executed remarkable strategies that marked a turning point in its efforts to enhance ESG practices. Moreover, in the early days of 2023, NBK announced its commitment to become carbon neutral by 2060 to support Kuwait's strategic initiative to drive environmental and socio-economic prosperity and the state’s commitment to carbon neutrality by 2060. As part of this commitment, the Bank has set interim goals to reduce its gross operational emissions by 25% by 2025. NBK is well-positioned to take the lead in addressing environmental concerns and climate change issues, as well as increasing its contributions to building an equitable and more diversified society.
“As we enter a new decade in NBK's journey, we remain committed to driving sustainable growth, supporting economic development, and creating the greatest possible added-value for all stakeholders; in the course of establishing the highest and best standard of banking services in Kuwait and the region." Al-Bahar concluded.
Meanwhile, Mr. Isam Al-Sager, Vice Chairman and Group CEO, said: “We are extremely pleased to report record results for 2022, given a challenging global operating environment. This stellar performance is a testament to the resilience of our business model and our ability to capture opportunities while it also reflects positively on our solid foundation that we continue to nurture to overcome challenges and drive sustainable growth.”
Al-Sager highlighted that the growth in profits is driven by stronger operational performance; with net operating income exceeding KD 1 billion, up 12.2% year on year. Furthermore, a gradual improvement in the operating environment following a return to business as usual continued to weigh positively on improving cost of risk; affirming NBK's success with its proactive risk management approach over the years.
Al-Sager also stated that the Group's international operations, as well as its Islamic subsidiary, Boubyan Bank, continue to contribute significantly to earnings growth. This asserts the diversification strategy's continued success, particularly with the Group's concentration on growth markets. In 2022, international operations accounted for approximately 26% of overall Group profits, with Islamic banking operations accounting for more than 10%.
"The Group continues to enjoy a healthy financial position, which was further strengthened in 2022 by the growth of our loan portfolio, customer deposits, and total assets, while maintaining high asset quality ratios”, Al-Sager confirmed.
"NBK was very successful in achieving a solid performance in its core banking activities, as the Bank continues to deliver tailored banking products and services to its customers, particularly digital offerings. Furthermore, the Bank was able to maintain its dominant market share in corporate banking and trade finance, as well as enhance the competitiveness of its wealth management platform, through the development of its human capital, operational model, and increasing synergies among the platform's services".
"These services and products empower the business sector and its ability to continue adding economic value, creating jobs, and advancing community development efforts, in addition to our pioneering role as the largest financier of development projects supporting the national economy”, Al-Sager added.
“Our activities and services serve all parts of society due to our dedication to meeting our social responsibilities and our emphasis on strengthening the human element, particularly young local talent, which accounted for 80% of the bank's 325 new recruits this year. The Bank will continue to focus on mentoring and developing the skills of these cadres through different training programs, specifically tailored to accelerate their learning curve. In addition to our efforts to promote school students' financial awareness through the launch of "Bankee" program, NBK Academy recently welcomed the twenty-seventh cohort of university graduates”.
“Meanwhile, we continued to enrich our customers' digital banking experience with a suite of the most innovative services and payment solutions. As the first digital bank in Kuwait, “Weyay” exceeded its customer acquisition targets within the first few months of its launch, as it caters to the financial needs and lifestyle of younger digitally savvy customers”, Al-Sager indicated.
“The year 2022 marks a turning point in our sustainability journey. To reinforce our commitment, we transformed our sustainability strategy in 2022 and launched our new ESG strategy to re-envision our focus on embedding ESG across all our operations and business. During the year, we introduced our Sustainable Financing Framework and increased our transparency by disclosing the environmental impact of our activities through CDP as part of a series of measures aimed at integrating ESG principles in all the Group’s operations. Recognizing our role at the forefront of enabling sustainable economic development, we are also committed to the transition to a low-carbon, sustainable economy and support the New Kuwait Vision 2035."
“In 2023, we will continue to build on the solid foundations we've established over the past 70 years, providing sustained growth in our revenues and investments to expand our digital capabilities, driving equitable economic development and maintaining our position as a market leader with a notable impact in promoting economic growth.” Al-Sager concluded.
Kuwait: NBK Reports Net Profit of KD 135.5 Million in 1Q2026
26.04.2026National Bank of Kuwait (NBK) has announced its financial results for the three months ended 31 March 2026. The Bank reported a net profit of KD 135.5 million (USD 441.3 million), compared to KD 134.1 million (USD 436.8 million) for the first quarter of 2025.
Total assets as of the end of March 2026 rose by 10.7% year-on-year, reaching KD 46.1 billion (USD 150.2 billion), while Group loans and advances grew by 10.9%, compared to the corresponding period of 2025 to reach KD 27.3 billion (USD 88.9 billion).
Meanwhile, customer deposits increased by 10.0% year-on-year to reach KD 25.9 billion (USD 84.3 billion), while shareholders’ equity rose by 6.0% year-on-year, reaching KD 4.3 billion (USD 13.9 billion) as of the end of March 2026.
Delivering with Efficiency and Discipline
Commenting on the Bank's financial results, Mr. Hamad Al-Bahar, NBK Group Chairman, stated that the Bank’s financial performance in 1Q2026 underscores the strength and resilience of its business model, sustaining stable performance with consistency and discipline amid heightened regional and global uncertainty.
Al-Bahar noted that NBK Group navigated these conditions with efficiency, anchored in a prudent strategic approach, diversified operations and strong operational flexibility, supported by a solid capital base, high asset quality, comfortable liquidity levels, and a robust governance and risk management framework. This enabled the Group to manage the rapidly evolving geopolitical developments with discipline and foresight; effectively mitigating their impact on overall performance.
“In light of the exceptional global and regional developments, we at NBK reaffirm our unwavering commitment to our national responsibility, as well as our continued dedication to supporting the State’s strategic direction and future aspirations. We remain firmly committed to contributing to the effective execution of development plans and advancing sustainable development, in a manner that strengthens the resilience of the national economy and serves the interests of the nation and its citizens. We pray for the continued safety, security, and stability of Kuwait,” Al-Bahar said.
He emphasized NBK’s commitment to its role as a key partner in supporting the stability of the national economy and serving the community with consistency and reliability under all circumstances. He highlighted that the Bank continues to operate in close coordination with the Central Bank of Kuwait, in collaboration with other Kuwaiti banks, to reinforce confidence in the banking sector, ensure the uninterrupted continuity of banking services and to extend support across all economic sectors.
Furthermore, Al-Bahar highlighted that the strength of Kuwait’s banking sector, underpinned by robust capitalization, ample liquidity, and a well-established regulatory framework, constitutes a fundamental pillar reinforcing the economy’s resilience and its capacity to navigate prevailing challenges with confidence.
Operational Resilience
Meanwhile, Mr. Isam J. Al-Sager, Vice Chairman and Group CEO of NBK, highlighted that the Group’s financial performance in 1Q2026 reflects the underlying strength and consistency of its operating model, supported by a well-diversified business mix, a balanced geographic footprint, and disciplined long-term strategic investments, underpinned by a prudent and forward-looking risk management framework.
He emphasized that the diversification of NBK Group’s business portfolio and its broad geographic footprint have materially strengthened its resilience, effectively mitigating the impact of recent geopolitical tensions on performance.
Furthermore, Al-Sager highlighted that the Bank’s operations continued with a high degree of efficiency and stability, without disruption, despite challenges in certain regional markets. “During 1Q2026, NBK continued to deliver the full spectrum of banking services to both retail and corporate customers, within Kuwait and across its international network, in a secure and uninterrupted manner. This was facilitated through its domestic branch network, as well as the International Business Group (IBG)”
He added that all banking systems and customer service platforms remain fully operational and efficient, with no impact on business continuity or the quality of service delivery.
Al-Sager also emphasized that digital channels, including the NBK Mobile Banking App and NBK Online Banking platforms, continue to operate with full efficiency, alongside the Bank’s ATM network deployed across multiple locations and operating on a 24/7 basis. He further emphasized that all critical and support functions continue to perform seamlessly, ensuring uninterrupted service delivery, particularly across trade finance and corporate banking activities.
He also underscored that the safety of employees and customers remains a paramount priority, with all necessary measures and precautionary protocols firmly in place to maintain a secure and stable working environment, while upholding the highest standards of operational readiness and business continuity across all markets.
Core Business Segments
Al-Sager stated that NBK Group’s core business segments delivered a resilient and well-balanced performance during 1Q2026, reflecting the depth and quality of its earnings base. This translated into a 6.6% year-on-year increase in net operating income, reaching KD 331.2 million (USD 1.1 billion) during the period.
He noted that NBK continued to expand its customer base through the disciplined rollout of innovative digital products and services, complemented by a consistently differentiated customer experience. Moreover, he added that the Bank’s sustained investments in technology and innovation are strategically positioned to reinforce its leadership in digital banking, enabling scalable growth, enhancing operational efficiency and driving long-term value creation for both customers and shareholders.
In parallel, Al-Sager highlighted that NBK Group’s international operations, alongside its Islamic banking arm, Boubyan Bank, played a pivotal role in supporting the growth of net operating income and net profit during 1Q2026, reflecting the strength of the Group’s strategic vision and the effectiveness of its diversified business model.
Al-Sager further emphasized that NBK Wealth continues to reinforce its standing as the largest wealth management entity in Kuwait and among the region’s leading players, reflecting the strength of its platform and the consistency of its performance. He added that this momentum has been recognized through a series of prestigious international awards, including “Best Private Banking Services for the Next Generation in the World 2026” and “Best Private Bank in Kuwait 2026” from Global Finance magazine, as well as the “Best Regional Investment-Focus in the Middle East 2026” award from MandateWire.
Sustainability and Organizational Excellence
Al-Sager reaffirmed NBK’s continued commitment to advancing its sustainability agenda through the expansion of green financing initiatives and the development of products and services aligned with leading global practices, while supporting the State’s direction toward achieving carbon neutrality by 2060.
As part of its efforts to further enhance the workplace environment, he highlighted the launch of the Diversity, Equity, and Inclusion (DEI) Council during 1Q2026, reflecting the Bank’s commitment to fostering a fair and inclusive workplace that leverages diversity as a source of strength and innovation.
Business Environment
Commenting on the business environment in Kuwait, Al-Sager said: “The business environment demonstrated early signs of improvement at the start of the year, supported by credit expansion, heightened real estate activity, and a surge in project awards. However, recent geopolitical tensions in the region have weighed on the broader outlook, rendering economic prospects more susceptible to elevated uncertainty”.
Al-Sager added that, despite prevailing uncertainty, Kuwait continues to benefit from strong financial buffers that reinforce its capacity to navigate current challenges. He emphasized that the strength of the country’s financial assets, alongside sustained momentum in economic reforms and infrastructure investments in the period ahead, constitute key pillars underpinning the stability of Kuwait’s economy.
He further noted that NBK will continue to reinforce its operational resilience, deepen the diversification of its income streams, and uphold its disciplined and prudent approach, ensuring the sustained creation of value for shareholders and customers across evolving economic conditions.
Al-Sager concluded by commending the recent regulatory and precautionary measures introduced by the Central Bank of Kuwait, underscoring their critical role in further strengthening the stability and resilience of the domestic banking sector and enhancing its capacity to sustain support for the broader economy under prevailing conditions.
Key financial indicators for the financial in1Q2026
• Net operating income stood at KD 331.2 million (USD 1.1 billion), up 6.6% year-on-year
• Total assets grew by 10.7% year-on-year, at KD 46.1 billion (USD 150.2 billion)
• Total loans and advances increased by 10.9% year-on-year to KD 27.3 billion (USD 88.9 billion)
• Customer deposits grew by 10.0% year-on-year to KD 25.9 billion (USD 84.3 billion)
• Shareholders’ equity amounted to KD 4.3 billion (USD 13.9 billion), registering an annual growth of 6.0%.
• Strong asset quality metrics, with NPL/gross loans ratio at 1.35% and an NPL coverage ratio of 241%
• Robust Capital Adequacy Ratio of 16.4%, comfortably exceeding 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.