NBK Bahrain posts $54m net profit in H1
Manama, August 20, 2013
National Bank of Kuwait - Bahrain (NBK Bahrain), the subsidiary of NBK Group in Bahrain, reported a net profit of $53.9 million for the first half of 2013 compared with $37.5 million for the same period last year, a growth of 44 per cent.
NBK Bahrain’s total assets increased by 18 per cent year-over-year (y-o-y) to $6.48 billion at the end of June compared with $5.5 billion at the end of June 2012. Shareholders’ equity increased by 5 per cent to $668 million compared with $636 million a year ago.
NBK Group chief executive officer Ibrahim Dabdoub said: “NBK Bahrain’s performance remains solid despite the challenging operating environment and affirms the success of NBK Group’s regional expansion strategy. Our strategy is built on a culture of prudence and strict risk management practices, which continues to serve us well in all times.”
“NBK’s strategic expansion has become a main pillar on which we will build future growth, as we expect our international branches will continue contributing positively to the Group's profitability and adding value to the growth in our business. We are proceeding steadily and successfully in strengthening our position regionally,” Dabdoub added.
Ali Fardan, NBK Bahrain general manager said that the Bank has been able to achieve strong results despite the difficulties in the local, regional and global markets.
“We have consistently focused on our core business and ways to diversify sources of income. NBK Bahrain benefits from the support of NBK Group to enhance its presence in the Bahraini market and develop new products to serve our corporate and consumer customers,” Fardan said. – TradeArabia News Service