NBK-Bahrain re­ports net prof­its of $122m for H1

Kuwait Times - - BUSINESS -

Na­tional Bank of Kuwait­Bahrain (NBK Bahrain), the branch of NBK Group in Bahrain, re­ported net prof­its of $122 mil­lion (BHD 46.067 mil­lion) for the first half of 2017 com­pared with $92 mil­lion (BHD 34.772 mil­lion) for the same pe­riod of 2016, a growth of 32.5 per­cent year-on-year.

NBK-Bahrain’s to­tal as­sets in­creased by 21.4 per­cent y-o-y to $14.226 bil­lion (BHD 5.359 bil­lion), com­pared with $11.716 bil­lion (BHD 4.414 bil­lion) for the same pe­riod of pre­vi­ous year. While to­tal share­hold­ers’ eq­uity in­creased by 24.7 per­cent y-o-y to $1.448 bil­lion (BHD 0.545 bil­lion) com­pared with $1.161 bil­lion (BHD 0.437 bil­lion) for the same pe­riod of pre­vi­ous year. Cus­tomer de­posits in­creased by 13.3 per­cent y-o-y to $6.930 bil­lion (BHD 2.610 bil­lion) com­pared with $6.117 bil­lion (BHD 2.304 bil­lion) for the same pe­riod of pre­vi­ous year.

Isam Al-Sager, NBK Group Chief Ex­ec­u­tive Of­fi­cer said “NBK-Bahrain con­tin­ues its solid per­for­mance achiev­ing high growth in its prof­its and key fi­nan­cial in­di­ca­tors. The Bank’s strong re­sults af­firm the suc­cess of NBK Group’s re­gional ex­pan­sion strat­egy de­spite eco­nomic and geopo­lit­i­cal chal­lenges.”

Al-Sager con­firmed that “NBK-Bahrain” prof­its are driven mainly by op­er­at­ing bank­ing rev­enue which proves to be fruit­ful de­spite chal­lenges im­posed by the op­er­at­ing en­vi­ron­ment. “The Bank tar­gets to so­lid­ify its po­si­tion in Bahrain by grow­ing core bank­ing busi­ness ac­tiv­i­ties in the com­ing pe­riod” Al-Sager added.

Al-Sager also added that “NBK-Bahrain” is in­creas­ingly con­tribut­ing to NBK Group prof­its. Go­ing for­ward, the Bank will con­tinue to fo­cus on im­prov­ing the bank­ing ser­vices of­fered in Bahrain bring­ing its stan­dards to NBK Group’s best in class ser­vice qual­ity at the re­gional and in­ter­na­tional lev­els.

Ali Far­dan, NBK-Bahrain Gen­eral Man­ager, said “This strong per­for­mance re­flects our con­ser­va­tive man­age­ment as we have con­sis­tently fo­cused on our core busi­ness and ways to di­ver­sify sources of in­come. We con­tinue to grow our op­er­a­tions lo­cally by de­vel­op­ing new prod­ucts to serve our cus­tomers ben­e­fit­ing from the sup­port of NBK Group.”

NBK has been present in Bahrain since 1977 and en­joys strong and his­tor­i­cal re­la­tion­ships with the ma­jor Bahraini and in­ter­na­tional com­pa­nies. Al-Far­dan added. NBK con­tin­ues to en­joy col­lec­tively one of the high­est rat­ings among all banks in the Mid­dle East from the three in­ter­na­tional rat­ing agen­cies Moody’s, Fitch Rat­ings and Stan­dard and Poor’s. The Bank’s rat­ings are sup­ported by its high cap­i­tal­iza­tion, pru­dent lend­ing poli­cies, and its dis­ci­plined ap­proach to risk man­age­ment, in ad­di­tion to its highly rec­og­nized and very sta­ble man­age­ment team. NBK was also named among Global Fi­nance’s list of the 50 safest banks in the world for the eleventh con­sec­u­tive time and was awarded as the Best Bank in Kuwait in 2016 by the Banker, Euromoney and Global Fi­nance.

NBK en­joys the widest bank­ing pres­ence with a lo­cal and in­ter­na­tional net­work reach­ing 4 con­ti­nents. NBK’s in­ter­na­tional pres­ence spans many of the world’s lead­ing fi­nan­cial cen­ters in­clud­ing New York, Europe, GCC, Mid­dle East, Sin­ga­pore as well as China (Shang­hai).

Isam Al-Sager

Ali Far­dan

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