NBK-Bahrain reports net profits of US$170.3 million

National Bank of Kuwait-Bahrain (NBK Bahrain), yesterday reported net profits of US$170.3 million (BD64.200m) for the year 2015 compared with US$145m (BD54.7m) in 2014, a growth of 17 per cent year-on-year.

As of end of 2015, NBK-Bahrain’s total assets increased by 1pc y-o-y to US$10.6 billion, while total shareholders’ equity increased 17pc y-o-y to US$1.07bn. Customer deposits reached US$6.065bn, up by US$868m or 17pc y-o-y.

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.”

“NBK’s subsidiaries continue to deliver strong results contributing positively to the Group’s profitability and adding value to the growth in our business,” he added.

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. With an international network of branches in 4 continents, NBK’s international presence spans many of the world’s leading financial centres including London, Paris, Geneva, New york and Singapore, as well China (Shanghai). Regional coverage extends to Lebanon, Jordan, Iraq, Egypt, Bahrain, Saudi Arabia, the UAE and Turkey.