NBK Bahrain net profit up 13pc to US$92m

National Bank of Kuwait - Bahrain (NBK Bahrain) reported a net profit of US$92.2 million (BD34.772m) for the first half of 2016 compared with US$81.740m (BD30.815m) for the same period of last year, a growth of 13 per cent year-over-year.

Total assets increased by 17pc year-to-date to US$11.7bn at the end of June 2016 compared with US$10bn at the end of December 2015. Shareholders’ Equity rose 8pc to US$1.160bn compared with US$1.077bn at the end of December 2015 and customer deposits increased to US$6.1bn from US$6.060bn as of December 2015.

NBK Group Chief Executive Officer Isam Al Sager said, “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.”

NBK Bahrain General Manager Ali Fardan said that the bank has been able to achieve distinguished results despite the difficulties in the local and regional markets as well as the turmoil in international markets that affects liquidity, interest rates and exchange rates. 

“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,” he added.