NBK-Bahrain reports net profits of BHD 117.89 million for 2019
Solid results a testament to the role being played by NBK’s international branches Total assets increased by 15% y-o-y to BHD 7.293bn
KUWAIT: National Bank of Kuwait-Bahrain (NBK Bahrain) reported net profits of BHD 117.890 million (equivalent to KD 94.9 million) for the year 2019, relatively unchanged from 2018.
Comprehensive income increased by 93 percent to reach BHD 161.636 million for the year 2019 compared with BHD 83.706 million in 2018. As of end of 2019, NBK-Bahrain’s total assets increased by 15 percent y-o-y to BHD 7.293 billion, compared with BHD 6.339 billion in 2018. Total shareholders’ equity increased by 15 percent y-o-y to BHD 788.357 million. Customers deposits stood at BHD 3.050 billion by end of December 2019.
Isam Al-Sager, NBK Group Chief Executive Officer said, “We successfully achieved a solid performance in 2019 despite the operational challenges on the back of volatile oil prices.”.
Al-Sager highlighted that NBK-Bahrain’s earning growth in 2019 was driven by the Bank’s operating activities, which the Bank continually strives to maintain by expanding its footprint and growing its operations in the Bahraini market. Al-Sager added: “The strong profitability growth of NBK-Bahrain is a testament to the success of NBK Group’s strategic regional expansion strategies, with our internal branches and subsidiaries playing a vital role in mitigating risks and diversifying our income sources”.
“Our diversification extends to expanding our product and service offerings, in addition to our commitment to digital transformation that will position NBK Group for future growth.” Al-Sager added.
Meanwhile, Ali Fardan, NBK-Bahrain General Manager, said “NBK Bahrain continues to consolidate its prominent position in the Bahraini market, thanks to the full range of exceptional banking products and services it provides to its retail and corporate clients”.
Fardan praised the Central Bank of Bahrain’s efforts in particular and all government agencies in general for their continued support extended to NBK-Bahrain and the entire Bahraini banking sectors. He also highlighted the great support extended by NBK Group through its vast regional and global network of branches and subsidiaries, as it has been vitally important in strengthening the bank’s activities in the Bahraini market, through capitalizing on its high credit ratings, extensive network and leading reputation as the top bank in the Middle East and one of the safest banks in the world.
NBK is the largest financial institution in Kuwait with effective market dominance in the commercial banking market and has been consistently awarded the highest credit rating of all banks in the region from Moody’s, Standard & Poor’s, and Fitch Ratings. NBK also stands out in terms of its local and international network, which includes branches, subsidiaries and representative offices in China, Geneva, London, Paris, New York, and Singapore alongside its regional presence in Lebanon, Jordan, Egypt, Bahrain, Saudi Arabia, Iraq, Turkey, and the UAE.