NBK reaps USD 1.5 bln this year


The National Bank of Kuwait (NBK) has announced its financial results for the nine-month period ended 30 September 2024.

The Bank, in a press release on Wednesday, reported a net profit of KD 457.0 million (USD 1.5 billion), compared to KD 431.1 million (USD 1.4 billion) for the corresponding period in 2023, improving by 6.0% year-on-year.

In the three-month period ended September 30, 2024, NBK achieved a net profit of KD 164.6 million (USD 540.1 million), demonstrating an annual growth rate of 5.7%.

Total assets as of the end of September 2024 grew by 6.3% year-on-year to reach KD 39.2 billion (USD 128.5 billion), whereas total loans and advances increased by 6.2% year-on-year to KD 23.2 billion (USD 76.0 billion). Likewise, customer deposits stood at KD 22.4 billion (USD 73.5 billion) as of the end of September 2024, reflecting a 7.1% increase compared to the same period in 2023, while shareholders’ equity grew by 6.2% year-on-year, totaling approximately KD 4.0 billion (USD 13.1 billion).

The Bank’s as
set quality also showed significant improvement, with NPL/gross loan ratio declining to 1.39% while the NPL coverage ratio increased to 263%.

Commenting on the BankÂ’s 9M2024 financial results, Hamad Al-Bahar, NBK Group Chairman, said: “Throughout the first nine-months of 2024, the Group continued to capitalize on the benefits of its strategic diversification approach across its products, services, and geographic presence. This approach has strengthened our operating performance and driven net profit growth, despite the surge of regional and global geopolitical tensions and their broader economic implications.” Al-Bahar elaborated that NBK achieved solid growth, driven by a diversified and resilient business model that effectively navigates shifting operating conditions. He emphasized that this level of growth was underpinned by prudent risk management practices, a strong capital base, high asset quality, and robust liquidity.

NBK continued to strengthen its leadership in sustainability throughout the first
nine-months of 2024, building on its sound record in environmental, social, and governance (ESG) practices. The Bank remains dedicated to fostering sustainable development within the communities it operates, while actively supporting the reach of sustainable financing initiatives to its clients across all locations.

Al-Bahar underscored the robustness of NBKÂ’s financial position, high credit quality and its competitive edge within the Kuwaiti banking sector; given the GroupÂ’s expansive geographical footprint and its unique capability to provide both conventional and Islamic banking services through its subsidiary, Boubyan Bank. Furthermore, Al-Bahar emphasized upon the BankÂ’s steadfast commitment to fostering sustainable development within KuwaitÂ’s economy while reinforcing its position as the leading corporate in ESG practices.

Meanwhile, Mr. Isam J. Al-Sager, NBK Group Vice Chairman and CEO, said: “The financial results for the first nine-months of 2024 showcase NBK’s consistent ability to deliver pro
fit growth through various economic cycles, steered by its resilient business model and prudent approach to risk management.” Al-Sager highlighted that the Group endorsed further its leading banking brand and position, as its core business segments continue to witness strong growth rates. He noted that the Group’s net operating income rose by 7.8% in the first nine-months of 2024, reaching KD 931.0 million (USD 3.1 billion).

Al-Sager emphasized that NBK remains focused on strengthening its position across key market sectors while broadening its customer base through the introduction of innovative digital products and services, alongside delivering exceptional customer service. He noted that the BankÂ’s ongoing efforts and investments in technology and innovation aim to reaffirm its stewardship in providing digital banking services that promote sustainable future growth.

Additionally, these efforts are designed to maximize value not only for customers and shareholders but also for the communities in which th
e Bank operates and to all its stakeholders.

He further pointed that NBK Group has significantly strengthened the contributions of its Islamic division, Boubyan Bank, along with its international operations, to both operating income and bottom-line during the first nine months of 2024. This achievement underscores the strength of NBK’s vision and the effectiveness of its diversification strategy. He reiterated that the Group will continue strengthening its international operations, particularly in key growth markets.

Source: Kuwait News Agency