Kuwait City – The National Bank of Kuwait (“NBK”, the “Bank” or the “Group”) announced its financial results for the nine-month period ended September 30, 2022. The Bank recorded a net profit of 374, 2 million KD (USD). 1.2 billion), compared to 254.8 million KD (819.9 million USD) for the same period in 2021, improving by 46.9% year-on-year.
Net profit for the three-month period ended September 30, 2022 reached KD 136.4 million (USD 438.9 million), an increase of 45% year-on-year compared to the comparable period of 2021.
Total assets at the end of September 2022 increased by 6.8% year-on-year to reach KD 34.7 billion (USD 111.7 billion), while total loans and advances increased by 8.7% year-on-year. year-on-year to reach 20.6 billion KD (66.3 billion USD). ). Similarly, customer deposits increased by 11.0% to reach KD 19.3 billion (USD 62.0 billion), while total equity reached KD 3.5 billion (USD 11.2 billion). , up 1.5% year-on-year.
Commenting on the Bank’s financial results for the first 9 months of 2022, Mr. Hamad Al-Bahar, Group Chairman, said: “NBK has continued to achieve healthy performance and improving growth trends over the past few years. First 9 months of 2022 thanks to favorable macroeconomic conditions. The operating environment has shown strong signs of recovery and the business climate has improved in recent quarters; especially given the bleak outlook expected globally. The recovery in consumer spending, oil production and oil prices contributed positively to supporting the government’s fiscal stance and providing a likely scenario for improving investment spending.
“Along with the Bank’s strong financial performance during the period, the Bank remained committed to fulfilling its national duty to promote sustainable development. We were delighted to demonstrate our commitment to investing in technology by participating in the development of the Kuwaiti government’s digital transformation journey. NBK has committed to provide the necessary support to upgrade the government application “Sahel” and “Sahel Business”; building on the Bank’s expertise in digital transformation and its efforts to increase the effectiveness and efficiency of services provided to nationals, entrepreneurs and small businesses.
“Furthermore, as part of promoting the social commitment of the private sector, NBK has launched a major expansion project of its children’s hospital specializing in stem cell transplantation, supporting the government’s efforts to advance the health services. The Bank will finance the expansion project at an estimated cost of KD 13 million,” Al-Bahar added.
“Our sustainable growth strategy aims to focus strongly on environmental governance and follow international standards and frameworks. Likewise, we are emphasizing the launch of initiatives that contribute to the transition towards a sustainable and low-carbon economy and the promotion of community initiatives in various fields of health and education”, Al-Bahar explained.
“Additionally, we are proud of the launch of NBK RISE, a global female leadership initiative designed to elevate talented women to greater leadership roles. The program aims to work to lead and inspire positive global change in the business community, contributing to NBK’s sustainability goals of fostering diversity, equity and inclusion,” Al-Bahar concluded.
Commenting on the Bank’s 9-month 2022 financial results, Mr. Isam Al-Sager, Group Vice Chairman and CEO, said: “We achieved the highest quarterly profits in the Bank’s history, driving capitalized on the strength, quality and flexibility of our diversified portfolio. business model. The Bank recorded a healthy growth of 10.6% in its operating result, reaching KD 753.5 million, driven by the main banking activity, while the lower levels of cost of risk contributed positively to the growth. improvement in our net income. »
“The Bank recorded strong growth in deposits which had a positive impact on margins. Furthermore, continued growth trends in strategic markets and segments, including Wealth Management and Islamic Banking, affirms the Group’s financial strength and ability to generate revenue from diverse streams,” Al added. -Wise.
“We continue to operate from a position of strength, building on our sound strategy and financial strength. This is underpinned by our strong balance sheet, our competitive advantage and our ability to provide innovative products and sound advice to our customers. Additionally, our diverse 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 weather headwinds effectively; with particular attention to preparing for concerns related to the growth outlook, geopolitics and rising inflation,” Al-Sager explained.
“The Group will continue to implement its responsible growth strategy, investing in innovation and new technologies for optimal returns, while advancing our sustainable practices across all businesses and operations. As a testament to our efforts on this front, NBK was voted “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; confirming the Group’s commitment to the energy transition and its acceleration of sustainable development,” said Al-Sager.
The most significant results and indicators during the first nine months of 2022
- Net operating income of 753.5 million KD (2.4 billion USD), up 10.6% compared to 9M 2021
- Total assets grew 6.8% year-on-year to KD 34.7 billion (USD 111.7 billion)
- Total loans and advances increased by 8.7% year-on-year to reach 20.6 billion KD (66.3 billion USD)
- Customer deposits grew 11.0% year-on-year to reach KD19.3 billion (USD62.0 billion)
- Strong asset quality indicators, with an NPL to gross loan ratio of 1.24% and an NPL coverage ratio of 308%
- Strong capital adequacy ratio of 16.3%, well above regulatory requirements
© 2022 Arab Times Kuwait English Daily. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).