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Kuwait: NBK’s AGM Approved All BOD’s Recommendations
19.03.2023National Bank of Kuwait (NBK) held yesterday, Saturday, 18 March 2023, its Annual General Meeting (AGM) for 2022 with a quorum of 71.47%. The AGM approved the Board of Directors’ recommendation to distribute 25% cash dividend to shareholders (25 fils per share) for the second half of the financial year, bringing the total cash dividend distributions to 35% (35 fils per share). Moreover, the AGM also approved the distribution of 5% bonus shares (5 shares for every 100 shares owned).
Mr. Hammad Al-Bahar, NBK Group Chairman, delivered his speech to attendees of the AGM and reported that in 2022, NBK achieved exceptional results thanks to its geographical diversification, digital excellence, and solid financial position. “Our constant revenue growth can be attributed to those essential components and our consistent adherence to prudent policies over the years. This is evident in the exceptional quality of our assets and our strong capitalization.," Al-Bahar said.
Al-Bahar highlighted that NBK's stellar financial results were founded on the Group’s strategies built upon striking a balance between long-term investments and meeting current financial commitments, to overcome today’s challenging economic environment.
“The Board of Directors has recommended the distribution of over half of the Bank's profits for this year. This decision signifies that our commitment extends beyond generating wealth for our shareholders, and demonstrates our desire to reinvest our earnings into various sectors of the economy, maximizing the benefits for a wider range of stakeholders and positively impacting the national economy,” Al-Bahar added.
He explained that these distributions were consistent with the Group’s long standing cash distribution policies. Over the past ten years, NBK distributed KD 1.8 billion in cash dividend, in addition to KD 3.2 billion in bonus shares.
“Over the years, we have increased investments behind NBK brand and sustained our leadership among the top five banking brand names in the region,” Al-Bahar confirmed.
New vision
Al-Bahar stated that 2022 marked a transition in the Group’s sustainability journey, re-imagining its focus to proactively embed ESG across all operations. “The Group’s new ESG strategy is designed to reinforce what it means for us to be a trusted leader in this dynamic world,” Al-Bahar said.
“Our strategy focuses on promoting economic prosperity and serving as a model for sustainable development, aligned with the dynamic market conditions and our stakeholders’ expectations,” he added.
Meanwhile, Mr. Isam J. Al-Sager, NBK Group Vice Chairman and CEO, outlined in his speech that in 2022, NBK recorded the highest profits in its 70-year history, owing to strong operational and financial performance, confirming the resilience of its business model and successful strategy in promoting sustainable growth.
“This year, the Group recorded net profits of KD 509.1 million, up 40.5% year-on-year, as we continued to further solidify our financial growth trajectory, with total assets growing by 9.3% year-on-year to reach KD 36.3 billion, thanks to the accelerated growth of our credit and investment portfolios. In the meantime, we maintained the highest asset quality, keeping the Bank’s ratio of non-performing loans to gross loans at 1.42%, while the loan loss coverage ratio stood at 267%, reflecting the conservative provisioning policy of the Group, while maintaining a capital adequacy ratio of 17.4%, way above the minimum regulatory requirements,” Al-Sager said.
Al-Sager pointed out that the global economic scene in 2022 was progressively unwelcoming as economic issues began to emerge. Several shocks have hit a world economy already weakened by the COVID-19 pandemic, including a worse-than-expected slowdown in China, geopolitical tensions caused by the Ukraine war, and higher-than-expected global inflation in the developed world that reached historical highs, unabated by the tight monetary policy stance.
“Despite those challenges, the orderly implementation of NBK's strategic objectives has paved the way for consistent and long-term profitability. Our diversification strategy, balanced business model and our commitment to a disciplined approach to risk management demonstrate our ability to thrive throughout various economic cycles,” Al-Sager stated.
Al-Sager emphasized that among the Bank's most essential strategic objectives is to maintain NBK’s leadership and excellence in providing digital banking services. “We prioritize the integration of digital innovation into all of the Group's business operations to provide the latest banking solutions with utmost flexibility and efficiency,” Al-Sager explained.
Al-Sager also stated that these efforts culminated in the launch of the new and improved NBK Mobile Banking App. In the meantime, Kuwait's first digital bank, "Weyay," is attracting new customers at exceptional rates, while "SmartWealth," launched in partnership with NBK Capital, offers a variety of investment solutions.
“In 2022, NBK received 13 digital awards from Global Finance, including five regional designations, in addition to being recognised as the best Financial Innovation Lab, while Weyay received the “Outstanding Innovation in Mobile Banking” Award for 2022,” Al-Sager said.
“We continue to expand our international operations, by targeting continued growth and increasing our share in our core markets. In addition, we have made investments in our wealth management operations to facilitate growth. Our global wealth management platform offers a comprehensive range of solutions designed to achieve long-term investment goals while enriching customer experiences and growing their wealth,” Al-Sager added.
“In line with our leading role in supporting national economy, we aligned our strategic goals with Kuwait National Development Plan (KNDP) and continued to provide the required financing for mega projects. Since the launch of the government’s “Vision 2035”, NBK played a key role in advancing the development agenda, as we continued to lend our diverse expertise to support the State’s strategic directives, particularly in the area of digital transformation,” Al-Sager noted.
Al-Sager also highlighted that the Group’s strategic focus is to maintain its leadership and excellence in providing the latest digital banking services, with the Bank continuing to engrain digital innovation into all of its operations and provide the most up-to-date banking solutions to ensure unparalleled flexibility and efficiency.
“We launched our Sustainable Financing Framework and continued to disclose the environmental impact of our operations through the Carbon Disclosure Project (CDP), receiving a score of ‘C’, one of the highest scores in the GCC. We are also the only financial institution that submitted this disclosure in Kuwait, further solidifying our commitment to continue improving our environmental performance and accelerating our transition towards a low carbon economy and net zero emissions,” Al-Sager confirmed.
Last year, NBK announced its commitment to become carbon neutral by 2060 to support Kuwait's strategic initiative to drive environmental and socio-economic prosperity.
“Moving forward, we will continue to implement our successful business model, which focuses on maximizing value for all stakeholders. We will continue to prioritize achieving sustainable growth, making strategic investments, enhancing our contributions to the transition to a low-carbon economy, providing innovative products and services, expanding our digital capabilities, promoting equality and community development, and maintaining our leadership role in effectively contributing to the development of Kuwait’s economy,” Al-Sager concluded.
On the sidelines of the AGM, Ms. Shaikha K. Al-Bahar, NBK Deputy Group CEO highlighted that NBK's performance last year reflected the Group’s diverse business model and prudent approach to risk management, as well as the significant progress in executing its customer-centric strategy.
Al-Bahar emphasised that throughout 2022, NBK continued to build positive momentum across various business pillars, including achieving strong levels of capitalization and high credit quality, as well as strengthening the Bank's relationships with its customers, thereby increasing the volume of its operations, adding that these factors will strengthen the Group's performance going into 2023 and will create long-term added value for all shareholders.
“Throughout 2022, NBK prioritized expanding its business activities to cater to a wide range of customers while also improving the quality of its service. Moreover, the Bank placed emphasis on enhancing customers’ experiences, as it is a crucial element in helping customers achieve their financial,” Al-Bahar said.
Al-Bahar indicated that NBK's aims to maintain its commitment to providing an unparalleled banking experience while operating at maximum efficiency. To achieve this goal, the Bank plans to expand its market share by offering customers a wider range of financial alternatives and value-added services.
Al-Bahar explained that during the past year alone, NBK added over 84,000 new customers to its network in Kuwait, including its digital channels.
She also highlighted that to create added value for all stakeholders, NBK has adopted a balanced approach to increasing revenue from various sources. The Group aims to improve its profitability by maintaining its leading position in core business activities while expanding non-core business activities to enhance profitability.
Solid Performance
Al-Bahar outlined that in 2022 the International Banking Group (IBG) delivered a robust and flexible performance, as it effectively managed to enhance its balance sheet and optimize profits while maintaining its credit portfolio and financing base diversity.
This approach, according to Al-Bahar, bodes well for NBK's future growth, since international operations and Islamic banking activities contributed significantly to the Group's net operating revenues in 2022, accounting for about 26% and 21%, respectively.
Al-Bahar highlighted that the Group continued to focus on its diversification strategy and strengthened its presence in the global markets through the development of business sectors in the core markets, with a special focus on Egypt and the GCC, stressing that going forward, IBG will focus on cross-selling opportunities to achieve group-wide synergy.
“Our Assets under Management (AUM) continue to grow consistently as a result of the good momentum of our inflows, with our primary growth market, KSA, surpassing USD 1 billion in Assets under Management since inception,” Al-Bahar stated.
Al-Bahar also indicated that NBK has invested in wealth management operations to enhance growth, stating that the global wealth management platform has evolved into a comprehensive set of wealth management solutions to achieve long-term sustainable investment goals through a strategy focused on enriching customer experiences and growing their wealth sustainably.
Digital Excellence
Al-Bahar affirmed that NBK is committed to enhancing its digital capabilities to deliver an exceptional and unparalleled banking experience to its customers. This involves offering cutting-edge financial solutions, introducing new banking services, and continuously updating the NBK Mobile App, which is regarded as one of the top banking applications in the industry. Moreover, the Bank utilizes data analytics, artificial intelligence, and machine learning in various products and services to optimize customer engagement and provide a personalized experience that surpasses their expectations.
Al-Bahar also pointed out that NBK plans to make significant investments in cultivating its digital culture to enhance operational efficiency, elevate customer experiences, and deliver a cutting-edge digital banking experience. These factors will help maintain the Group's reputation for excellence and its competitive advantage in the dynamic FinTech landscape.
Women’s Empowerment
Al-Bahar highlighted that NBK launched NBK RISE—a women-led leadership initiative designed by women for women - to bring together corporate entities and female executives to elevate women in the regional and international workplace. “We have come a long way in promoting women’s empowerment and raising female labor force participation,” Al-Bahar said.
Al-Bahar also highlighted NBK’s efforts to attract and retain female talent. As a result, NBK has achieved a women participation rate of 43.6% and increased the number of women in management to 29.2%. These efforts include various initiatives and advanced training programs to support and empower women.
Following the AGM, Mr. Salah Y. Al-Fulaij, Chief Executive Officer - Kuwait, stated that the business environment in Kuwait has greatly improved as business activities have normalized and post-pandemic pent-up demand has continued to support consumer spending, in addition to higher oil prices, which have boosted business confidence and positively reflected on credit growth.
"NBK maintained its digital dominance over its peers, as evidenced by the rapid growth in NBK Mobile Banking customers, as it accounted for 64% of total NBK Mobile Banking users," Al-Fulaij said, citing the Personal Banking Services Group's success in capitalizing on the momentum of consumer spending and operations throughout the year, as well as following a strategy that takes into account offering ample choice to customers to choose from an array of products and services that suit their needs and lifestyles.
Speaking of Weyay Bank, Kuwait's first and only digital bank, Al-Fulaij noted that it successfully extended its reach to a broad population of youth, with the bank's clients tripling in 2022 compared to earlier forecasts at the time of its inception. He said that "Weyay" is a key pillar in NBK's goal to preserve its digital leadership by offering new solutions that cater to the lifestyles of the younger client base while effectively competing with growing FinTech disruptors.
Seizing Opportunities
Al-Fulaij explained that despite challenging market conditions, the Corporate Banking Services Group has remained committed to supporting its clients and enhancing its strategic relationships, with a focus on improving client experiences and leveraging its capabilities to deliver the best financial solutions possible. The Corporate Banking Relationship Model has proven successful in maintaining NBK’s position as Kuwait's leading corporate bank.
“The Group successfully managed to capture new business opportunities in numerous industries, particularly oil and gas, as the industry started to witness some consistent growth toward the end of 2022 on the back of higher oil prices,” Al-Fulaij noted.
“With the persistent supply chain bottlenecks and the unprecedented rise in global inflation, smart management of cash and treasury systems has become more important than ever. The Treasury Group continued to improve its technologies and infrastructure to reduce costs while providing the best services to its customers. Furthermore, the development of the Treasury Group's strong digital foundation has allowed NBK to manage liquidity more efficiently and accurately, as well as hedge against the risks of foreign exchange exposure. As a result of these efforts, the Group was crowned Kuwait's Best Bank for Treasury and Cash Management,” Al-Fulaij added.
A Role Model
The year 2022 was a milestone for CSR excellence, as NBK’s initiatives gained momentum, expanding the number of activities, their nature, and the sectors they cover. This was further reinforced by increasing the value of NBK’s investments, initiatives, and charitable donations during the year, which stood at KD 23 million, up by more than 45% year-on-year. Throughout the year, NBK launched and sponsored various CSR programs with a special focus on health care and education. Last year, NBK generously donated KD 13 million to add a new extension to NBK Children's Hospital. It also launched "Bankee" financial literacy program in schools to support the education system and improve students' academic achievement.
Al-Fulaij expressed appreciation for NBK's employees and their dedication, recognizing them as a key factor in NBK’s success. “NBK's exceptional operational and financial performance would not have been possible without the support and devotion of our highly skilled human capital, which is one of the most significant contributors to our success,” Al-Fulaij said.
The Human Resources Department has continued to establish the groundwork for a positive work environment, paving the way for employees to provide their best work, devote more effort, and increase their innovation. In 2022, the Group spent KD 1.2 million and provided 21,000 hours of training and development to its people. This is a significant increase over last year's average. Despite fierce competition for talent across all sectors of the labor market, we were able to recruit the top national talents and hired around 260 Kuwaiti employees last year.
Dominant Market Share
Al-Fulaij indicated that NBK continued to drive its labor nationalization efforts, which was highly recognized as it received “The Job Replacement and Nationalization Award”, a prestigious regional recognition by the Committee of the GCC Ministers of Social Affairs.
“Looking ahead to 2023, we aim to sustain our dominant position in corporate finance, reinforce our digital capabilities, and transfer our digital knowledge to our international branches. Strengthening our partnerships with strategic allies, particularly in the oil and gas industry, remains a priority as we strive to maintain our reputation as the preferred bank for financing public projects, and as the "house" bank for lending to KPC and its subsidiaries as we continue to maximize the benefits of infrastructure financing in Kuwait. Meanwhile, our focus on retail banking includes defending our market share through exceptional customer experiences and cutting-edge products and services,” Al-Fulaij concluded.
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.