ShareKUWAIT: National Bank of Kuwait (NBK) held its Annual General Assembly (AGM) for the financial year 2024 on Saturday, March 15, 2025, with a quorum of 60.63 percent. The AGM approved all agenda items, including the Board of Directors’ recommendation to distribute 25 percent cash dividend for the second half of the year (25 fils per share), bringing the total cash dividend for 2024 to 35 percent (35 fils per share). Additionally, shareholders approved the distribution of 5 percent bonus shares (5 shares for every 100 shares).
In his address to the AGM attendees, Hamad Al-Bahar, NBK Group Chairman, expressed the Board of Directors’ pride in the Bank’s outstanding achievements over the past year. He emphasized NBK’s strong market position, reaffirming its ability to sustain its leadership in the financial sector, deliver added value to shareholders, and contribute to the long-term prosperity of the communities it serves.
“The year 2024 marked a milestone in NBK’s journey, distinguished by significant achievements, including the issuance of our inaugural green bonds, the successful expansion of Weyay Bank, and the introduction of innovative and sustainable financial solutions,” Al-Bahar said.
He highlighted NBK’s unwavering focus on enhancing governance and delivering sustainable value to all stakeholders, emphasizing that collective efforts have driven exceptional results, further solidifying the Bank’s leadership in the financial sector both locally and regionally.
Furthermore, Al-Bahar affirmed that throughout 2024, NBK remained committed to delivering innovative solutions and services tailored to evolving customer needs, showcasing its agility in keeping pace with rapid market shifts, fulfilling customer aspirations, and enhancing operational efficiency across its various business sectors.
Financing strategic projects
Al-Bahar emphasized NBK’s long-standing commitment to driving economic growth and development in Kuwait, highlighting its role in financing strategic infrastructure projects, supporting entrepreneurs, and advancing financial inclusion — all in alignment with the objectives of Vision 2035.
He further highlighted NBK’s active role in fostering prosperity across the markets in which it operates, underscoring its expanding international presence as a key enabler of trade, investment, and broader economic growth. He also noted that this unwavering commitment to driving economic progress aligns with NBK’s vision of creating a more prosperous future for all stakeholders.
2025 outlook
“As we look ahead to 2025 and beyond, I reaffirm our steadfast commitment to delivering value to all stakeholders, ensuring the sustainable long-term success of our organization, and driving further achievements and strategic progress. Our journey is built on solid financial foundations and reinforced by your continued trust and confidence,” Al-Bahar stated.
He emphasized that NBK remains committed to financing strategic projects, fostering strong relationships with regulators, and maintaining its competitive edge in the local market while actively pursuing business growth in international markets. Additionally, the Bank continues to enhance its wealth management services across the GCC, leveraging its strategic advantage in offering Islamic banking solutions through Boubyan Bank.
Moreover, Al-Bahar reaffirmed NBK’s unwavering commitment to sustainability, highlighting the bank’s ambitious initiatives in sustainable financing, investments in responsible environmental projects, and its ongoing dedication to serving the communities in which it operates.
Acknowledgements
Al-Bahar commended the Bank’s Board of Directors for its pivotal role in NBK’s achievements, emphasizing the BOD members dedication, commitment, and strategic guidance in steering the Group’s operations forward. He also praised the executive management and leadership team, extending his gratitude to every NBK employee, whom he described as the backbone of the Group’s success. Al-Bahar extended his sincere appreciation to the Central Bank of Kuwait and the Capital Markets Authority for their efforts in enhancing the operating environment and supporting the banking sector. He also expressed gratitude to NBK’s shareholders for their unwavering support of the Board of Directors’ vision and the executive management’s strategic steps toward achieving the Bank’s long-term objectives.
Al-Bahar concluded his speech by expressing his deep gratitude to His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah and His Highness the Crown Prince Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah for their steadfast support in ensuring the stability and growth of Kuwait’s economy.
Resilience & adaptability
Meanwhile, Isam Al-Sager, NBK Group Vice Chairman and CEO, underscored the Bank’s key achievements for the financial year ended December 31, 2024. He emphasized that throughout the year, NBK stood as a symbol of strength and adaptability, delivering exceptional financial performance under the guiding theme: “Driving Innovation for an Inclusive and Sustainable Financial Future”.
Addressing shareholders, Al-Sager stated: “Despite a rapidly evolving landscape marked by unprecedented global economic challenges, supply chain disruptions, and geopolitical complexities, NBK has showcased exceptional adaptability and resilience. We have successfully executed effective diversification strategies, leveraged technological innovation, expanded our global footprint, and capitalized on promising opportunities. Our diversified approach, spanning products, services, and markets, has been instrumental in driving our long-term, sustainable growth”.
He stated that this strong performance led NBK Group to report a net profit of KD 600.1 million in 2024, reflecting a 7.0 percent year-on-year increase. Total assets surged to KD 40.3 billion as of December 31, 2024, marking a 7.1 percent growth, driven by robust performance across diverse business segments.
Furthermore, Al-Sager highlighted that the loan portfolio grew by 6.4 percent year-on-year, reaching KD 23.7 billion. Customer deposits saw a notable increase of 4.2 percent compared to 2023, rising to KD 22.9 billion, while shareholders’ equity climbed to KD 3.9 billion, reflecting a year-on-year growth rate of 5.9 percent.
Al-Sager noted that the return on average assets stood at 1.55 percent in 2024, compared to 1.53 percent in 2023, while the return on average shareholders’ equity reached 15.1 percent, up from 15.0 percent in the previous year. He further stated that NPL/gross loan ratio stood at 1.34 percent as of the end of 2024, while the NPL coverage ratio reached 263 percent. This underscores the robustness of NBK’s credit portfolio and financial position, reflecting the Bank’s prudent risk management policies.
“This strong performance has enabled the Board of Directors to reward shareholders with a semi-annual dividend of 10 fils per share and propose a distribution of 25 fils per share in cash dividends for the second half of 2024, bringing the total cash dividends for the year to 35 fils per share. Additionally, the Board recommended a 5 percent bonus share distribution; a move that underscores the bank’s financial strength and resilience,” Al-Sager added.
Robust operational performance
Al-Sager emphasized that NBK Group’s core business segments were instrumental in driving the Group’s robust operational performance in 2024.
Moreover, he highlighted the Bank’s commitment to delivering innovative and diversified banking solutions, spanning both conventional and Islamic banking through its Islamic banking arm, Boubyan Bank. He also noted key milestones during the year, including the launch of several fully digital prepaid cards and the continuous enhancement of the NBK Mobile Banking App, reinforcing the Bank’s leadership in digital banking.
“NBK Wealth (NBKW) has enhanced its wealth management capabilities, achieving notable growth in Assets under Management (AUM) while deepening client relationships through innovative initiatives. By diversifying its investment portfolio across multiple asset classes and expanding its product range, NBKW has successfully attracted new clients and reinforced its position as a leading wealth management powerhouse,” Al-Sager noted.
He further highlighted that in 2024, NBK forged strategic partnerships with leading institutions such as JPMorgan Asset Management and Intervest, further expanding its investment solutions and enhancing opportunities for its customers. Moreover, Al-Sager emphasized that the Corporate Banking Group reaffirmed its market leadership over the past year by delivering strategic support aimed at driving customer growth.
He highlighted the Group’s comprehensive solutions, including financial advisory services and efficient cash flow management, alongside its focused approach to expanding its client base by targeting high-growth companies and implementing advanced credit risk management strategies. On the Consumer Banking Group front, Al-Sager highlighted that it successfully expanded its customer base by targeting new segments, including a tailored package for individuals entering the job market. He noted the introduction of innovative products such as digital prepaid cards, fixed savings accounts, and the Jeel account through the fully digital bank, Weyay, alongside the launch of several strategic initiatives aimed at enhancing customer experience.
Al-Sager also highlighted the success of NBK’s International Banking Group (IBG) in maintaining a high-quality portfolio while expanding geographically. He noted the establishment of a Centralized Syndications Desk in the UAE, the diversification of operations in international markets through the launch of new retail banking services in Egypt and Bahrain, and the Bank’s ongoing efforts to explore innovative growth opportunities to drive expansion into promising markets.
“The Operations and Information Technology Group made significant strides in NBK’s digital transformation journey in 2024, launching a range of innovative projects across multiple markets that reinforced the Bank’s leadership in delivering exceptional banking solutions, services, and digital products. Meanwhile, the Treasury Group focused on optimizing liquidity management by enhancing funding sources, reducing deposit maturities, and diversifying funding streams. These strategic initiatives played a crucial role in lowering financing costs while ensuring a strong and stable liquidity position, despite the challenges posed by regional geopolitical events,” Al-Sager indicated.
Inaugural green bond issuance
Al-Sager stated that in 2024, NBK achieved significant progress in advancing its ESG strategy, marked by the successful issuance of its inaugural $500 million green bond, a testament to the bank’s steadfast commitment to fostering a sustainable financial future and reinforcing its dedication to environmental responsibility. Regarding NBK’s social contributions, Al-Sager stated: “As the largest contributor to social responsibility in Kuwait, NBK’s community investments reached KD 30 million ($97 million) in 2024, reflecting a 9 percent increase from the previous year”. He highlighted that these investments were channeled into key initiatives, particularly in youth development, healthcare, and environmental protection, reinforcing the bank’s commitment to creating a lasting and positive impact on society.
