Jul 24 2014
Al-Sager: NBK Bahrain’s solid performance affirms the success of the Group’s regional expansion strategy
National Bank of Kuwait – Bahrain (NBK Bahrain), the subsidiary of NBK Group in Bahrain, reported a net profit of USD 74.1 million (BHD 27.9 million) for the first half of 2014 compared with USD 53.9 million (BHD 20.3 million) for the same period of last year, a growth of 38 % year-over-year (y-o-y).
NBK Bahrain’s total assets increased by 19% year-to-date to USD 9.235 billion at the end of June 2014 compared with USD 7.745 billion at the end of December 2013. Shareholders’ Equity increased by 14% to USD 851.1 million compared with USD 745.6 million at the end of December 2013.
NBK Group Chief Executive Officer Isam Al-Sager 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 proceeding steadily and successfully in strengthening our position regionally. NBK’s strategic expansion is a main pillar on which we will build future growth. We expect our international branches will continue contributing positively to the Group’s profitability and adding value to the growth in our business,” Al Sager added.
Ali Fardan, NBK Bahrain General Manager said that the Bank has been able to achieve strong results despite the difficulties in the local and regional 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.”
NBK has been present in Bahrain since 1977 and enjoys strong and historical relationships with the major Bahraini and international companies. NBK Group has the widest banking presence with around 170 branches worldwide. NBK’s international presence spans many of the world’s leading financial centers including London, Paris, Geneva, New York and Singapore, as well as China (Shanghai). Meanwhile, regional coverage extends to Lebanon, Jordan, Iraq, Egypt, Bahrain, Qatar, Saudi Arabia, the UAE, and Turkey.
NBK continues to collectively enjoy the highest ratings 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.
-Ends-
About National Bank of Kuwait (NBK):
NBK was founded in 1952 as the first indigenous bank and the first joint stock company in Kuwait and the Gulf Region. NBK reported profits of USD 844 million (KD 238.1 million) for 2013. NBK’s total assets were USD 66 billion (KD 18.6 billion) at the end of 2013, while shareholder equity stood at USD 8.4 billion (KD 2.4 billion).
NBK is the largest financial institution in Kuwait with effective market dominance in the commercial banking market and has been consistently awarded the highest credit rating of all banks in the region from Moody’s, Standard Poor’s, and Fitch Ratings. NBK also stands out in terms of its local and international network, which includes branches, subsidiaries and representative offices in China, Geneva, London, Paris, New York, and Singapore alongside its regional presence in Lebanon, Jordan, Egypt, Bahrain, Qatar, Saudi Arabia, Iraq, Turkey, and the UAE.
NBK’s Long-Term Rating:
· Moody’s Aa3
· Fitch Ratings AA-
· Standard Poor’s A+
For more information, please contact the Media Relations Manager, National Bank of Kuwait Group:
Firas Yassine – firasy@nbk.com
P.O. Box 95, Safat 13001, Kuwait –
Tel: (965) 2259 3218
Fax: (965) 2246 5190
Mob: (965) 9750 625
www.nbk.com
© Press Release 2014
© Copyright Zawya. All Rights Reserved.