USD 194.7 m net profit for NBK-Bahrain
Al-Sager : National Bank of Kuwait-Bahrain (NBK Bahrain), the branch of NBK Group in Bahrain, reported net profits of USD 194.735 million (BHD 73.415 m) for the year 2016 compared with USD 170.3 m (BHD 64.2 m) in 2015, a growth of 14 percent year-on-year(y-o-y).
As of end of 2016, NBK-Bahrain’s total assets increased by 28 pc y-o-y to USD 13.575 billion, compared with USD 10.621 bn in 2015, while total shareholders’ equity increased 23 pc y-o-y to USD 1.327 bn. Customer deposits reached USD 7.272 bn, up by USD 1.207 bn or 20 pc y-o-y.
“NBK-Bahrain continues its solid performance despite the challenging environment. The 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,” Isam Al-Sager, NBK Group Chief Executive Officer said.
“We are successfully proceeding in strengthening our position as a leading regional bank. NBK’s subsidiaries continue to deliver strong results contributing positively to the Group’s profitability and adding value to the growth in our business,”Al-Sager 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.”
“NBK has been present in Bahrain since 1977 and enjoys strong and historical relationships with the major Bahraini and international companies,” he added.
“NBK continues to enjoy collectively one of the highest ratings among all banks in the Middle East. The Bank’s ratings are supported by its high capitalization, prudent lending policies, and its disciplined approach to risk management. NBK was also named among Global Finance’s list of the 50 safest banks in the world for the eleventh consecutive time.”
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