NBK-Bahrain reports net profits of KD 108.22 million for FY2023

Kuwait, Bahrain: National Bank of Kuwait-Bahrain (NBK-Bahrain) reported net profits of BHD 132.79 million (KD 108.22 million) in 2023, compared to BHD 122.14 million (KD 99.39 million) in 2022. As of the end of 2023, NBK-Bahrain’s total assets stood at BHD 7.08 billion (KD 5.77 billion) compared with BHD 7.24 billion (KD 5.89 billion) in 2022. Total shareholders’ equity increased by 12 percent y-o-y to BHD 1.213 billion (KD 988.33 million), whereas customers’ deposits stood at BHD 3.34 billion (KD 2.722 billion) by end of December 2023.

Commenting on NBK-Bahrain’s year-end financial results, Isam Al-Sager, NBK Group Vice Chairman and CEO said, “NBK-Bahrain realized good profits in FY2023, navigating through challenges posed by the operating environment, global geopolitical tensions, and heightened inflation levels. This underscores our resilient business model and robust financial standing”.

“Our profits last year were driven by the expansion of the bank’s operational activity. Moving forward, we aim to bolster this momentum by broadening our presence and operations in the Bahraini market, capitalizing on the promising growth opportunities and favorable outlook that this market offers,” Al-Sager stated. “Our international operations are key contributors to the Group’s profits, which proves our resilient business model, and at the same time, the success of our regional expansion strategy in hedging against the risks and fluctuations, and its contribution to diversifying income sources,” he added.

Al-Sager also emphasized that the Group’s diversification strategy extends beyond products and services, encompassing the expansion of our business footprint within existing geographical regions, seizing new opportunities, and maintaining our leadership in digital transformation. These efforts position the bank for sustained growth and prosperity in the future.

Meanwhile, Ali Fardan, General Manager of NBK-Bahrain, said: “NBK-Bahrain’s results for 2023 prove our focus on strategic goals, sustained business growth and leading position in the Bahraini market, despite the challenges faced during this year.”

Fardan pointed out that the bank is moving steadily in strengthening its position in Bahrain by providing high-quality banking and financial services to its retail and corporate customers, noting that the bank has great potentials to achieve further growth in the Bahraini market in the future.

“Over the course of this year, NBK-Bahrain has been successful in providing various high-quality banking products and services that effectively helped meet customers’ needs and enrich their banking experience,” he highlighted. Fardan praised the Central Bank of Bahrain’s efforts, in particular, and all government agencies, in general, for their continued support extended to NBK-Bahrain and the Bahraini banking sectors.

He also highlighted that the great support extended by NBK Group has contributed to strengthening the Bank’s performance, through capitalizing on NBK’s high credit ratings, broad relationship network, and leading reputation as one of the top banks in the Middle East, and one of the safest banks in the world.

NBK is the largest financial institution in Kuwait with effective market dominance in the commercial banking market and has been consistently awarded one of the highest credit ratings among all regional banks 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 many regional and global financial hubs including China, Geneva, London, Paris, New York, and Singapore alongside its regional presence in Lebanon, Egypt, Bahrain, Saudi Arabia, and the UAE.