ShareKUWAIT: In a testament to the enduring strength of its banking brand and robust financial standing, National Bank of Kuwait (NBK) has soared to the pinnacle of The Banker’s 2024 ranking of the top 100 Arab banks, securing the premier position within Kuwait while sustaining its distinguished ninth place among regional banks.
In its annual ranking of the top 100 Arab banks, The Banker magazine evaluated various criteria, with a focus on Tier 1 capital, assets, profitability, asset quality, return on capital, and return on assets. Leveraging its robust financial position and impressive performance metrics, NBK achieved an eighth-place ranking in total assets, boasting a return on assets of 1.56 percent and a return on capital of approximately 15 percent. NBK led the ranking in Kuwait for Tier 1 capital, which amounted to $12.8 billion as of the end of 2023, reflecting a year-on-year growth of 7.48 percent. Additionally, the Bank excelled in operational efficiency, securing the top position among all Kuwaiti banks.
NBK’s inclusion in this prestigious list underscores its leadership on both regional and global stages, highlighting the strength of its balance sheet and its superior performance across several key financial indicators relative to its peers. The Bank’s placement on the list of the region’s top financial institutions accentuates the superior quality of its profits, which are firmly anchored in robust foundations across all its business sectors. Moreover, it underscores NBK’s exceptional geographical reach, extending across four continents and 13 countries.
Last year, NBK distinguished itself as one of the few banks globally to be honored with several prestigious awards for its innovations in digital banking. Additionally, the Bank achieved a notably high ranking in the customer satisfaction index.
The Bank maintains one of the highest credit ratings among major banks in the Middle East, as affirmed by the consensus of the three leading global credit rating agencies — Moody’s, Fitch, and Standard & Poor’s. This prestigious standing is bolstered by its robust capitalization, prudent lending policies, systematic risk management approach, and the expertise and stability of its management and executive team. In 2023, the bank reported a net profit of KD 560.6 million ($1.8 billion), reflecting a year-on-year growth of 10.1 percent. Additionally, net operating income surged by 15.6 percent, reaching KD 1.2 billion ($3.8 billion). By the end of 2023, the bank’s assets stood at $122.8 billion, marking a growth of 3.7 percent.
Established in 1926, the internationally renowned magazine “The Banker,” a distinguished part of the British Financial Times, stands as one of the most prestigious publications in the financial sector. It undertakes extensive surveys of leading financial institutions across approximately 120 countries to spotlight the most prominent and exemplary banks in the global banking community.
