Regional expansion strategy paid off: Al-Sager
KUWAIT: National Bank of Kuwait-Bahrain (NBK Bahrain), the branch of NBK Group in Bahrain, reported net profits of BHD 73.415 million (KD 59.638 million) for the year 2016 compared with BHD 64.207 million (KD 52.158 million) in 2015, a growth of 14 percent year-on-year.
As of end of 2016, NBK-Bahrain’s total assets increased by 28 percent y-o-y to BHD 5.117 billion (KD 4.157 billion), compared with BHD 4.004 billion (KD 3.253 billion) in 2015. While total shareholders’ equity increased 23 percent y-o-y to BHD 500.4 million (KD 406.5 million). Customer deposits increased by 20 percent y-o-y to BHD 2.742 billion (KD 2.227 billion).
Isam Al-Sager, NBK Group Chief Executive Officer said “NBK-Bahrain continues its solid performance despite the challenging operating environment. The Bank’s strong results affirm the success of NBK Group’s regional expansion strategy that is built on a culture of prudence and strict risk management practices.”
“We are successfully proceeding in strengthening our position as a leading regional bank,” Al-Sager added. “NBK’s subsidiaries continue to deliver strong results contributing positively to the Group’s profitability and adding value to the growth in our business.”
Ali Fardan, NBK-Bahrain General Manager, said “This strong performance reflects our conservative management as we have consistently focused on our core business and ways to diversify sources of income. We continue to grow our operations locally by developing new products to serve our customers benefiting from the support of NBK Group.”
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 continues to enjoy collectively one of the highest ratings among all banks in the Middle East from the three international rating agencies Moody’s, Fitch Ratings and Standard and Poor’s. The Bank’s ratings are supported by its high capitalization, prudent lending policies, and its disciplined approach to risk management, in addition to its highly recognized and very stable management team. NBK was also named among Global Finance’s list of the 50 safest banks in the world for the eleventh consecutive time and was awarded as the Best Bank in Kuwait in 2016 by the Banker, Euromoney and Global Finance.
NBK enjoys the widest banking presence with a local and international network reaching 4 continents. NBK’s international presence spans many of the world’s leading financial centers including New York, Europe, GCC, Middle East, Singapore as well as China (Shanghai).