National Bank of Kuwait (“NBK”, the “Bank” or the “Group”) has announced its financial results for the nine-month period ended 30 September 2022. The Bank reported a net profit of KD 374.2 million (USD 1.2 billion), compared to KD 254.8 million (USD 819.9 million) for the same period in 2021, improving by 46.9% year-on-year.
Net profit for the three-month period ended 30 September 2022 reached KD 136.4 million (USD 438.9 million), a year-on-year increase of 45% from the comparable period in 2021.
Net profit for the three-month period ended 30 September 2022 reached KD 136.4 million (USD 438.9 million), a year-on-year increase of 45% from the comparable period in 2021.
Commenting on the Bank’s 9M 2022 financial results, Mr. Hamad Al-Bahar, Group Chairman, said: “NBK continued to deliver healthy performance and improved growth trends during 9M 2022 on the back of favorable macroeconomic conditions. The operating environment witnessed strong signs of recovery and business sentiment has been improving in recent quarters; especially considering the gloomy outlook expected globally. The pickup in consumer spending, oil production and oil prices contributed positively in supporting the fiscal position of the government and in providing a likely scenario for improved capex.”
“Alongside the Bank’s robust financial performance during the period, the Bank remained committed to fulfill its national duty in promoting sustainable development. We were pleased to demonstrate our commitment to invest in technology by taking part in developing the Kuwaiti government digital transformation journey. NBK has committed to provide needed support to upgrade the government application ‘Sahel’ and ‘Sahel Business’; leveraging on the Bank’s expertise in digital transformation and its efforts to increase the effectiveness and efficiency of the services provided to nationals, entrepreneurs and small businesses.”
“Furthermore, on promoting the private sector’s social commitment, NBK launched a large expansion project for its Children’s Hospital specialized in stem cell transplant, supporting the government’s efforts in advancing healthcare services. The Bank will finance the expansion project at an estimated cost of KD 13 million”, Al-Bahar added.
“Our strategy for sustainable growth is geared towards focusing heavily on environmental governance and in following the international standards and frameworks. Likewise, we emphasize on launching initiatives that contribute to transitioning towards a sustainable and low-carbon economy and in promoting community initiatives in various health and education fields”, Al-Bahar explained.
“Our strategy for sustainable growth is geared towards focusing heavily on environmental governance and in following the international standards and frameworks. Likewise, we emphasize on launching initiatives that contribute to transitioning towards a sustainable and low-carbon economy and in promoting community initiatives in various health and education fields”, Al-Bahar explained.
Commenting on the Bank’s 9M 2022 financial results, Mr. Isam Al-Sager, Vice-Chairman and Group CEO, said: “We achieved the highest quarterly profits in the history of the Bank, leveraging on the strength, quality and flexibility of our diversified business model. The Bank delivered a healthy growth of 10.6% in operating income, reaching KD 753.5 million, driven by core banking activity while the lower cost of risk levels contributed positively in uplifting our bottom line.”
“The Bank witnessed strong growth in deposits which reflected positively on margins. Besides, the continuity of growth trends across strategic markets and segments, including Wealth Management and Islamic banking, asserts the sound financial position of the Group and its ability to generate income from diverse streams”, Al-Sager added.
“We continue to operate from a position of strength, building on our judicious strategy and financial solidness. This is underpinned by our strong balance sheet, competitive advantage and the ability to deliver innovative products and insightful advice to our customers. Additionally, our diversified business model continues to create room for long-term added value for our customers, communities and shareholders”, Al-Sager noted.
“NBK’s prudent risk, capital, liquidity and dynamic-financial management, enables the Group to effectively overcome headwinds; with special attention to gearing against concerns revolving around growth prospects, geopolitics and rising inflation,” Al-Sager explained.
“The Group will continue executing its responsible growth strategy, investing in innovation and new technologies for optimal returns, while advancing our sustainable practices across businesses and operations. As a testament to our efforts on this front, NBK has been awarded ‘Best Consumer Digital Bank in Kuwait and the Middle East’ by Global Finance as well as ‘Best ESG in Kuwait’ and ‘Best Bank for Diversity and Inclusion’ by Euromoney; endorsing the Groups commitment to energy transition and its accelerating sustainable development”, Al-Sager asserted.
