MANAMA: National Bank of Kuwait-Bahrain (NBK-Bahrain) reported net profits of $145 million (BD54.84m) for H1-2022, compared with $160m (BD60.24m) for the same period in 2021.
As of end-June 2022, NBK-Bahrain’s total assets stood at $18.7 billion (BD7.05bn) compared with $18.9bn (BD7.13bn) for the same period in 2021.
Total shareholders’ equity increased by 10 per cent year-on-year to $2.66bn (BD1,004.68m), whereas customer deposits increased by 68pc y-o-y to $8.171bn (BD3.080bn) compared with $4.853bn (BD1.829bn) for the same period of previous year.
Commenting on the bank’s H1-2022 results, NBK Group vice-chairman and chief executive Isam Al Sager said, “National Bank of Kuwait-Bahrain realised good profits in the first half of 2022, despite the continuing challenges prevailing in the operating environment due to the global economic concerns resulting from geopolitical tensions combined with the soaring inflation.”
Mr Al Sager highlighted that the group’s strategic investments over the recent past years in the key growth areas, along with the performance of international operations played a key role in supporting the group’s profitability and mitigating risk.
“NBK Group enjoys the unique advantage of broad geographical footprint, and the ability to provide both conventional and Islamic banking, giving its profits high resilience and a strong competitive edge,” he noted.
Mr Al Sager emphasised that NBK-Bahrain continues to consolidate its position in the Bahraini market, which is one of the key growth markets for NBK Group, given the promising growth opportunities and positive prospects of this market.
NBK Group will continue to strengthen its competitive edge and seize the opportunities in its international markets to ensure regional leadership, in addition to continuing to implement the bank’s customer-focused strategy for stronger future growth, he continued.
On his part, Ali Fardan, general manager of NBK-Bahrain, said: “NBK-Bahrain delivered good results for the first half of 2022, despite the challenges facing the banking sector. This was achieved thanks to the group’s continuing clear strategy and sound vision focusing on core banking activities.”
Mr 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 first six months of the year, the operating environment in Bahrain showed more signs of recovery thanks to the unwavering efforts to support the economy, which would give more confidence to the business sector and stronger momentum to the economic performance,” he noted.
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