NBK Bahrain net profit up 24pc
Manama, February 18, 2014
National Bank of Kuwait (NBK) said its Bahraini unit has reported a 24 per cent year-on-year (y-o-y) growth in its net profit which soared to $114 million in 2013 from $92 million the previous year.
NBK Bahrain’s total assets increased by 41 per cent y-o-y to $7.75 billion as of end of December 2013, compared with $5.5 billion as of end of December 2012.
Shareholders’ equity increased by 17 per cent y-o-y to $746 million from $636 million a year ago. Customers’ deposits were up 114 per cent y-o-y to $4.5 billion at the end of 2013, compared with $2.1 billion at the end of 2012, said the bank in its statement.
Commenting on the results, Group CEO Ibrahim S. Dabdoub said the Bahrain unit’s performance remains solid given the challenging operating environment.
"This performance is a clear evidence that our regional expansion strategy is successful and rewarding despite the challenges in the region. Our strategy is built on a culture of prudence and strict risk management practices, which continues to serve us well in all times," he added.
“We are successfully strengthening our position regionally. Our strategic initiative has become a main pillar on which we will build future growth. We expect the contribution of our international operations to the Group's profitability to continue growing,” he observed.
NBK Bahrain general manager Ali Fardan said: “This strong performance attests to the solid foundations on which the bank was built. We have 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. Meanwhile, we continue to grow our operations and develop new products to serve our corporate and retail customers," he added.
NBK has been present in Bahrain since 1977 and enjoys strong and historical relationships with the major Bahraini and international companies. NBK has the widest banking presence with around 170 branches worldwide.-TradeArabia News Service