NBK Bahrain reports $70 million net profit
Manama, March 25, 2012
National Bank of Kuwait (NBK) Bahrain, has reported net profits of BD26.244 million ($70 million) in 2011 compared to BD24.506 million ($65 million) in 2010, a growth rate of 8 per cent.
NBK Bahrain’s total assets reached $4.085 billion at the end of December 2011, while shareholders’ equity rose 14 per cent to $547 million.
Ibrahim S Dabdoub, chief executive officer, NBK Group, said: “NBK-Bahrain’s performance is clear evidence that our regional expansion strategy is successful and rewarding despite the difficult operating environment in the region. We are proceeding steadily and successfully in our plans to transform the group into a truly regional player.”
“Our strategic initiative has become a main pillar on which we will build future growth,” Dabdoub said. “We expect our international branches to continue contributing positively to the group's profitability and adding value to the growth in our business.”
Ali Fardan, general manager, NBK Bahrain, said: “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 on ways to diversify our income sources. Our asset quality is of the highest standards thanks to our prudent culture and strict risk management practices.”
The group has some of the highest ratings among all banks in the Middle East from three international rating agencies Moody’s, Fitch Ratings and Standard and Poor’s.
NBK’s ratings are supported by its high capitalisation, prudent lending policies and a disciplined approach to risk management. – TradeArabia News Service