NBK-Bahrain reports net profits of BHD 55mn for H1

Solid results reflect Group’s sound strategy in focusing on international operations: Al-Sager

KUWAIT CITY, Aug 1: The National Bank of Kuwait-Bahrain (NBK Bahrain), the branch of NBK Group in Bahrain, reported net profits of BHD 55 million (equivalent to KD 44.3 million) for the first half of 2018 compared with BHD 46.1 million (equivalent to KD 37.1 million) for the same period of 2017, a growth of 19.4 % year-on-year.

NBK-Bahrain’s total assets increased by 13 % y-o-y to BHD 6.048 billion (equivalent to KD 4.866 billion), compared with BHD 5.359 billion (equivalent to KD 4.312 billion) for the same period of previous year. While total shareholders’ equity increased by 18 % y-o-y to BHD 642.330 million (equivalent to KD 516.729 million) compared with BHD 545.482 million (equivalent to KD 438.818 million) for the same period of previous year. Customer deposits increased by 24 % y-o-y to BHD 3.244 billion (equivalent to KD 2.609 billion) compared with BHD 2.611 billion (equivalent to KD 2.100 billion) 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 branches, NBK-Bahrain. These solid results come in line with the Group’s strategy aimed at strengthening its position throughout MENA region to diversify its revenue stream”.

“We have been increasingly focused on our international operation and the numbers have definitely reflected the successful route we have been following. During the 1H2018, our international business continued to grow, strongly contributing close to 30% of the Group’s bottom line”, Al-Sager commented.

Al Sager also added that the improved profit performance 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 local dominance.

Ali Fardan, NBK-Bahrain General Manager, said “We continue to draw on NBK-Group’s clear strategy to focus on our core 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.

Isam Al-Sager, NBK Group CEO

A picture taken on July 5, 2018 shows Bader al-Ajmi, 38, owner of ‘One Way Burger’ standing outside his truck at a main street in the capital Riyadh. Over the last couple of years, this country has seen a new crop of young Saudis who grew up surrounded by oil wealth, are adapting to a new age of austerity, subsidy cuts,

high inflation and fewer governmental jobs have started private businesses that were previously considered worthy only for lowly expat workers. (AFP)