NBK Bahrain net profits up 31pc
Kuwait, January 28, 2013
National Bank of Kuwait (NBK) said its Bahrain branch has reported net profits of BD34.6 million ($92 million) for 2012, up 31 per cent year-on-year when compared to BD26.2 million the previous year.
The bank's performance remains solid and impressive given the challenging environment. NBK Bahrain’s total assets increased to $5.5 billion at the end of 2012, while shareholders equity rose 16 per cent year-on-year to $636 million.
Commenting on the results, NBK Group CEO Ibrahim S. Dabdoub said the Bahrain unit’s performance was a clear evidence that its regional expansion strategy was successful and rewarding despite the difficult operating environment in the region.
"We are proceeding steadily and successfully in strengthening our position regionally,” stated Dabdoub.
“Our strategic initiative has become a main pillar on which we will build future growth, as we expect the contribution of our international operations to the Group's profitability to continue growing,” he added.
NBK Bahrain general manager Ali Fardan pointed out that the strong performance attests to the solid foundations on which the bank was built.
"NBK Bahrain has been able to sail through the storm unscathed, as we have consistently focused on our core business and ways to diversify sources of income. The quality of our assets is beyond reproach, built on a culture of prudence and strict risk management practices, which continues to serve us well in times of calm and crisis," he noted.
"Meanwhile, we continue to grow our operations locally and regionally constantly developing new products to serve our corporate and consumer customers," he added.
NBK has the widest banking presence in Kuwait with 64 branches, which together with its growing international presence totals 173 branches worldwide.
NBK’s international presence spans many of the world’s leading financial centers including London, Paris, Geneva, New York and Singapore, as well as China (Shanghai). Meanwhile, regional coverage extends to Lebanon, Jordan, Iraq, Egypt, Bahrain, Qatar, Saudi Arabia, the UAE, and Turkey.-TradeArabia News Service
More Finance & Capital Market Stories
- ADCB sells $300m of subordinated bonds
- Standard Chartered’s credit card wins award
- Emirates NBD seals Dubai tower deal
- Dar Al Arkan raises $450m from sukuk sale
- Barclays advises on equities over bonds
- World Bank boosts funds for Syria refugees
- Doha Bank sets $1.5bn to fund Emirati SMEs
- Gold gains on China demand
- HSBC to launch insurance products in UAE
- Bahrain to host key Arab exchange talks