National Bank of Kuwait-Bahrain (NBK Bahrain) has posted KWD 52 million (BHD 63.4 million) in half-year profit from KWD 44.7 million in the corresponding period a year ago.
The bank’s total assets stood at KWD 5.51 billion as of June 30, 2023, compared to KWD 5.75 billion last year.
NBK Bahrain said total shareholders’ equity rose by 15% year-on-year to KWD 940 million while customer deposits dropped by 4% y-o-y to KWD 2.405 billion compared to KWD 2.51 billion in the corresponding period in 2022.
“Despite the ongoing challenges posed by global economic challenges stemming from geopolitical instability and elevated inflation rates, NBK Bahrain has managed to achieve substantial profits during the first half of 2023,” said Isam Al-Sager, NBK Group’s Vice-Chairman and CEO.
“This growth in profitability underscores the bank’s resilient business model and solid financial standing.”
Al-Sager said the banking group’s strategic investments in key growth markets over the past years together with its cutting-edge banking solutions played a key role in supporting profitability and mitigating risk.
NBK Group possesses a unique advantage as a result of its extensive geographical footprint, which affords a high level of resilience to the group’s profits and gives its business a strong competitive edge.
NBK-Bahrain continues to strengthen its position in the Bahraini market, which is one of the key growth markets for NBK Group, Al-Sager said, adding growth potential and positive prospects to the market.
“NBK-Bahrain delivered good results for the first half of 2023, despite the challenges facing the banking sector,” said Ali Fardan, General Manager of NBK-Bahrain.
Fardan highlighted that the bank cementing its position in Bahrain by providing high-quality banking and financial services to its retail and corporate customers. “Over the first six months of the year, the operating environment in Bahrain showed more signs of recovery, driven by the unwavering commitment to supporting the economy,” he said.
He highlighted that the great support extended by NBK Group through its vast regional and global network of branches and subsidiaries has been vitally important in strengthening the bank’s activities in the Bahraini market.
