NBK-Bahrain reports net profits of US$ 313m

TDT | Manama

National Bank of Kuwait-Bahrain (NBK Bahrain) announced reporting net profits of US$ 313 million (BD 117.890m) for the year 2019, relatively unchanged from 2018. The bank’s comprehensive income increased by 93 per cent to reach US$ 429m (BD 161.636m) for the year 2019 compared with US$ 222m (BD 83.706m) in 2018.

Commenting, Isam Al-Sager, NBK Group Chief Executive Officer said, “We successfully achieved a solid performance in 2019 despite the operational challenges on the back of volatile oil prices.”. Al-Sager highlighted that NBK-Bahrain’s earnings in 2019 were driven by the bank’s operating activities, which the Bank continually strives to maintain by expanding its footprint and growing its operations in the Bahraini market.

He said: “The strong profitability of NBK-Bahrain is a testament to the success of NBK Group’s strategic regional expansion strategies, with our internal branches and subsidiaries playing a vital role in mitigating risks and diversifying our income sources”. “Our diversification extends to expanding our product and service offerings, in addition to our commitment to digital transformation that will position NBK Group for future growth,” Al-Sager added.

Ali Fardan, NBK-Bahrain General Manager, said: “NBK Bahrain continues to consolidate its prominent position in the Bahraini market, thanks to the full range of exceptional banking products and services it provides to its retail and corporate clients.” As of end of 2019, NBK-Bahrain’s total assets increased by 15 per cent y-o-y to US$ 19.346 bn (BD 7.293 bn), compared with US$ 16.815 bn (BD 6.339 bn) in 2018. Total shareholders’ equity increased by 15pc y-o-y to US$ 2.091 bn (BD 788.357m). Customers deposits stood at US$ 8.092 bn (BD 3.050 b n ) by end of December 2019.