NBK Bahrain posts net profit of $74.1 mln in H1
Bank’s solid performance affirms success of regional expansion strategy: Al-Sager
KUWAIT CITY, July 23: National Bank of Kuwait - Bahrain (NBK Bahrain), the subsidiary of NBK Group in Bahrain, reported a net profit of $74.1 million (BHD 27.9 million) for the first half of 2014 compared with $53.9 million (BHD 20.3 million) for the same period of last year, a growth of 38% year-over-year (y-o-y).
NBK Bahrain’s total assets increased by 19% year-to-date to $9.235 billion at the end of June 2014 compared with $7.745 billion at the end of December 2013. Shareholders’ Equity increased by 14% to $851.1 million compared with $745.6 million at the end of December 2013.
NBK Group Chief Executive Officer Isam Al-Sager said “NBK Bahrain continues its solid performance despite the challenging operating environment. The Bank’s strong results affirm the success of NBK Group’s regional expansion strategy that is built on a culture of prudence and strict risk management practices.”
“We are proceeding steadily and successfully in strengthening our position regionally. NBK’s strategic expansion is a main pillar on which we will build future growth. We expect our international branches will continue contributing positively to the Group’s profitability and adding value to the growth in our business,” Al Sager added.
Ali Fardan, NBK Bahrain General Manager said that the Bank has been able to achieve strong results despite the difficulties in the local and regional markets. “We have consistently focused on our core business and ways to diversify sources of income. NBK Bahrain benefits from the support of NBK Group to enhance its presence in the Bahraini market and develop new products to serve our corporate and consumer customers.”
NBK has been present in Bahrain since 1977 and enjoys strong and historical relationships with the major Bahraini and international companies. NBK Group has the widest banking presence with around 170 branches worldwide. NBK’s international presence spans many of the world’s leading financial centers including London, Paris, Geneva, New York and Singapore, as well as China (Shanghai). Meanwhile, regional coverage extends to Lebanon, Jordan, Iraq, Egypt, Bahrain, Qatar, Saudi Arabia, the UAE, and Turkey.
NBK continues to collectively enjoy the highest ratings 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.