National Bank of Kuwait (Bahrain), a branch of NBK Group, said it has registered a net profit of BD48.5 million ($129 million) for 2009.

The Bank's performance remains solid and impressive given the challenging environment for financial and non-financial institutions worldwide, said a statement from the bank.

NBK Bahrain’s total assets declined to $3.2 billion at the end of 2009, while shareholder equity reached $412 million compared to $287 million compared to December 2008, an increase of 44 per cent.

Commenting on the results, NBK Group CEO Ibrahim S. Dabdoub said the results were proof of its successful regional expansion policy and added that NBK planned to further expand its operation in Bahrain to provide the best services to customers.

'We are proceeding steadily and successfully in our plans to transform the group into a truly regional player,' he remarked.
 
'Over the past year, we have concluded several significant deals, namely the acquisition of Al Watany Bank of Egypt, the acquisition of a 40 per cent stake in Turkish Bank, the increase of our ownership stake to 30 per cent in the International Bank of Qatar and the unveiling of our first branch in Dubai,' Dabdoub said.

'This strategic initiative has become a main pillar on which we will build future growth, as we expect our international branches to contribute 50 per cent of total group profits by 2015,' he added.

Ali Fardan, NBK Bahrain general manager, said “This strong performance attests to the solid foundations on which the bank was built. NBK Bahrain has been able to sail through the storm gripping global and regional financial markets 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. Meanwhile, we continue to grow our operations locally, constantly developing new products to serve our corporate and consumer customers,' he added.
 
Today, NBK enjoys the largest presence in Kuwait with 69 branches, as well as a growing regional and international network comprising an additional 90 branches covering 16 countries in both the Mena region and world financial centers such as London, Paris, New York and Singapore, as well as in China (Shanghai) and Vietnam (Ho Chi Minh City), Fardan stated.

The newly acquired presence in Egypt, Turkey and Dubai follows on the heels of NBK’s entry into Qatar, Saudi Arabia, Jordan, and Iraq.

Together with an established presence in Bahrain and Lebanon, these new markets position NBK as a leading regional player. The Bank also enjoys added coverage in the Kuwaiti, Turkish, and Dubai markets through its investment arm, NBK Capital, Fardan added.-TradeArabia News Service