Al-Sager: NBK-Bahrain’s earnings reflect the good fortune of the Group’s regional expansion strategy for the Group’s profitability and mitigate risks
The Kuwait-Bahrain National Bank (NBK Bahrain) recorded net profits of BHD 54. 84 million (KD 44. 68 million) for the first part of 2022, to BHD 60. 24 million (KD 48. 18 million) for the same era in 2021.
At the end of June 2022, NBK-Bahrain’s overall assets stood at BHD 7. 05 billion, to BHD 7. 13 billion for the same era in 2021. 68% year-over-year at BHD 3. 08 billion to BHD 1. 829 billion for the same era last year.
Commenting on the Bank’s effects for the first part of 2022, Mr. Isam Al-Sager, Vice President and Chief Executive Officer of NBK Group, said: “The Kuwait-Bahrain National Bank made smart gains in the first part of 2022, in despite persistent demanding situations that triumph in the operating environment due to global economic considerations resulting from geopolitical tensions combined with runaway inflation.
Al-Sager said that the Group’s strategic investments in recent years in key areas of expansion as well as the functionality of overseas operations have played a key role in supporting the Group’s profitability and mitigating risks.
“NBK Group enjoys the merit of a giant geographic presence and ability to provide both traditional and Islamic banking services, giving its profits wonderful resilience and strong competitive merit,” he said.
Al-Sager that NBK-Bahrain continues to consolidate its position in the Bahrain market, which is one of the main expansion markets for the NBK Group, given the promising expansion opportunities and positive prospects of this market.
NBK Group will continue its competitive merit and capture opportunities in its overseas markets to supply regional leadership, as well as proceed to implement the bank’s customer-centric strategy for stronger long-term growth, he continued.
Mr. Ali Fardan, Managing Director of NBK-Bahrain, said: “NBK-Bahrain delivered smart effects for the first part of 2022, despite the demanding situations facing the banking sector. This has been achieved thanks to the Group’s transparent and non-stop strategy and its forged vision aimed at core banking activities.
Fardan expressed pressure that the bank is making progress in strengthening its position in Bahrain by offering high-quality banking and monetary services to its retail and corporate clients, noting that the bank has a wonderful prospect to continue its expansion into the Bahrain market in the future.
“In the first six months of the year, the operating environment in Bahrain showed more signs of recovery thanks to tireless efforts in the economy, which would give more confidence to the business sector and a more potent seasoning for economic performance,” he said. distinguished. .
Fardan praised the efforts of the Central Bank of Bahrain, in particular, and all government agencies, in general, for their continued support for NBK-Bahrain and the entire Bahraini banking sector. Global network of branches and subsidiaries, as it has been of great importance in strengthening the bank’s activities in the Bahrain market, capitalizing on its superior credit ratings, extensive network of relationships and a leading reputation as one of the most productive banks in the Middle East and one of the safest banks. to the world.
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About the National Bank of Kuwait (NBK):
The National Bank of Kuwait was established in 1952 as the first national bank and joint-stock company in Kuwait and the Arab Gulf region. $109. 9 billion (KD 33. 3 billion) by the end of 2021, and overall equity reached $11. 0 billion (KD 3. 5 billion).
The National Bank of Kuwait is the largest monetary establishment in Kuwait and has a genuine dominance in the advertising banking sector. NBK maintained the highest credit scores among all banks in the region, according to the agreement of renowned global scoring agencies: Moody’s, Standard
Long-term NBK
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