National Bank of Kuwait-Bahrain (NBK Bahrain) reported net profit of $324 million (BD122.14m) for 2022 as against net profit of $312m (BD117.68m) for 2021.

As of end-2022, NBK Bahrain’s total assets stood at $19.199 billion compared with $19.698bn in 2021.

Total shareholders’ equity increased by 12 per cent year-on-year (y-o-y) to $2.884bn, whereas customers deposits increased by 23pc y-o-y to $8.992bn by end-2022.

Commenting on the financial results, NBK Group vice-chairman and chief executive Isam Al Sager said: “National Bank of Kuwait-Bahrain realised good profits for 2022, despite the challenging operating environment including escalating global geopolitical tensions and soaring inflation rates worldwide, and their impact on markets’ performance.

“Our international operations are key contributors to the group’s profits, which prove our resilient business model, and at the same time, the success of our regional expansion strategy in hedging against the risks and fluctuations, and its contribution to diversifying income sources,” he added.

Mr Al Sager noted that the Bahraini market is one of the key growth markets for NBK Group, given the promising growth opportunities and positive prospects of this market.

He stressed that NBK will continue reinforcing its competiveness in the markets where it operates, as the group’s broad geographical footprint gives it a strong competitive edge boosting regional leadership and future business growth.

On his part, Ali Fardan, general manager of NBK Bahrain, said: “NBK Bahrain’s results for 2022 prove our focus on strategic goals, sustained business growth and leading position in the Bahraini market, despite the challenges faced during this year.”

Mr Fardan pointed out that the bank is moving steadily in strengthening its position in Bahrain by providing high-quality banking and financial services to its retail and corporate customers, noting that the bank has great potential to achieve further growth in the Bahraini market in the future.

“Over the course of the year, NBK Bahrain has been successful in providing various high-quality banking products and services that effectively helped meet customers’ needs and enrich their banking experience,” he highlighted.

Mr Fardan praised the Central Bank of Bahrain’s efforts, in particular, and all government agencies, in general, for their continued support extended to NBK Bahrain and the Bahraini banking sectors.

He also highlighted that the great support extended by NBK Group has contributed to strengthening the bank’s performance, through capitalising on NBK’s high credit ratings, broad relationship network, and leading reputation as one of the top banks in the Middle East, and one of the safest banks in the world.

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