National Bank of Kuwait – Bahrain (NBK-Bahrain) reported a net profit of $186 million (BD70m) for the first half of 2024, marking an increase from the $168m (BD63.38m) recorded in the corresponding period of 2023.

As of the end of June 2024, total assets of NBK-Bahrain stood at $18.9 billion (BD7.15bn), up from $17.9bn (BD6.75bn) in the corresponding period of last year.

Shareholders’ equity rose by 11 per cent to $3.40bn (BD1.28bn), while customer deposits increased by 4pc to $8.119bn (BD3.06bn), compared to $7.820bn (BD2.948bn) in the corresponding period of 2023.

Commenting on the bank’s H12024 results, NBK Group vice-chairman and chief executive Isam Al Sager said: “NBK-Bahrain delivered strong profits in the first half of 2024, showcasing robust growth despite ongoing challenges in the operating environment driven by global economic uncertainties, geopolitical tensions, and soaring inflation. This performance underscores the bank’s resilient business model and solid financial position.”

Mr Al Sager highlighted that the group’s strategic investments in key growth areas over the past few years, coupled with a strong emphasis on maintaining digital leadership and providing innovative banking solutions across all sectors, along with the solid performance of international operations, have been instrumental in enhancing the Group’s profitability and mitigating risks.

He also noted that NBK Group’s broad geographical presence significantly enhances service integration and offers

remarkable flexibility in driving profitability. This extensive diversification delivers a powerful competitive advantage, solidifying the group’s position in the market.

Mr Al Sager emphasised that NBK-Bahrain continues to strengthen its position in the Bahraini market, a key growth markets for NBK Group, given the promising growth opportunities and positive prospects of this market.

He concluded by emphasising that NBK Group is committed to expanding its footprint across its operational markets, reinforcing its leadership in the region, and advancing the group’s strategic goals to achieve sustainable future growth.

Meanwhile, NBK-Bahrain general manager Ali Fardan said: “The bank delivered robust results in the first half of 2024, overcoming sector-wide challenges, driven by NBK Group’s clear strategy and sound vision, focused on core banking activities.”

He highlighted that the bank is steadily strengthening its position in Bahrain by delivering high-quality banking and financial services to both retail and corporate customers. He also noted that the bank is well-positioned for significant future growth in the Bahraini market.

Mr Fardan emphasised that the operating environment in Bahrain showed further signs of recovery in the first six months of the year, thanks to relentless efforts to support the economy. This recovery is expected to boost confidence in the business climate and provide additional momentum for economic activity.

He commended the Central Bank of Bahrain and government agencies for their vital support, which was reflected positively on the bank’s performance and the overall banking sector in Bahrain. He also highlighted how NBK Group’s extensive regional and international branch network has significantly enhanced the bank’s activities in the Bahraini market. Leveraging NBK’s high credit ratings, broad network of relationships, and esteemed reputation as one of the leading banks in the Middle East and one of the safest banks globally has been instrumental in this success.

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