Total assets increased 12.8% y-o-y, net profit grew 9% y-o-y
KUWAIT: National Bank of Kuwait-Bahrain (NBK Bahrain), reported net profits of BHD 60 million (equivalent to KD 48.283 million) for the first half of 2019 compared with BHD 55 million (equivalent to KD 44.3 million) for the same period of 2018, a growth of 9 percent year-on-year.
As of end of June 2019, NBK-Bahrain's total assets increased by 12.8 percent y-o-y to BHD 6.824 billion, compared with BHD 6.048 billion for the same period of previous year. While total shareholders' equity increased by 18 percent y-o-y to BHD 758.549 million compared with BHD 642.330 million for the same period of previous year.
Isam Al-Sager, NBK Group Chief Executive Officer said "Once again, NBK Group proves its dominance in the regional market and solidifies its leadership position through the outstanding performance of yet another one of its regional operations, NBK-Bahrain. These solid results come in line with the Group's strategy aimed at strengthening its position throughout MENA region as well as diversifying its revenue streams". Al-Sager also added that the improved profit performance in NBK Bahrain was attributable to increased operating banking revenues despite the challenging operating environment.
Moreover, Al-Sager affirmed that NBK-Group will continue to focus on its international operations and foster external growth in order to complement its domestic market dominance in Kuwait. Ali Fardan, NBK-Bahrain General Manager, said "We continue to build on NBK-Group's clear strategy to focus on our core banking business to consistently drive solid results. In addition to that, we have a very talented and experienced team that backs our operations year after year. I am confident that we are set to achieve further growth in the remaining part of 2019 and beyond."
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 retains its position as one of the most stable banks in the MENA region, having consistently achieved high credit ratings and being recognized by Global Finance as one of the world's 50 safest banks.