GulfBase Live Support
National Bank of Kuwait (NBK) reported net profits of KD 322.4 million (USD 1,068.3 million) for the year 2017 compared with KD 295.2 million (USD 978.2 million) in 2016, growing 9.2% year-on-year.
Total assets as of year-end 2017 reached KD 26.0 billion (USD 86.3 billion) up 7.4% compared to year-end 2016, while total shareholders’ equity increased by 5.0% to KD 2.9 billion (USD 9.5 billion). Customer loans and advances reached KD 14.5 billion (USD 48.1 billion) as of year-end 2017, 6.5% up from last year’s levels. Customer deposits grew by 9.3% year-on-year to reach KD 13.8 billion (USD 45.7 billion) as of year-end 2017.
Asset quality metrics remained strong with NPL/Gross Loans ratio at 1.42% as of year-end 2017, and NPL coverage ratio at 287%; reflecting NBK’s resilient risk management approach. NBK Board of Directors has proposed the distribution of 30 fils per share cash dividend, representing 30% of the nominal share value. The board has also proposed the distribution of a 5% bonus shares (5 shares for every 100 shares) for the year 2017.
Nasser Al-Sayer, NBK Group Chairman said “NBK recorded promising performance in 2017 demonstrating the resilience, quality and diversity of earnings in a globally challenging operating environment. The Group maintained its leadership in Kuwait while successfully strengthened synergies between its international operations to deliver an ultimate customer experience”.
“The Group’s net operating income grew by 10.4% year-on-year to KD 822.7 million (USD 2,726.3 million), primarily driven by core banking activities as business volumes continued to grow thus ensuring NBK’s successful strategy implementation” Al Sayer added.
Al-Sayer also added that “Credit growth in Kuwait remains solid supported by positive economic activity as the government’s capital spending program remains intact. Kuwait’s fiscal position is better than peers given the substantial buffers and strong sovereign ratings; creating room for acceleration in spending despite lower oil prices”.
“The Group is committed to contributing positively to Kuwait’s economic growth and remains fully supportive of the New Kuwait vision 2035. NBK’s robust financial position, strong franchise, diversified business model in addition to its regional and global presence, has positioned the Bank as the country’s foremost financial provider and the largest beneficiary of the growing government expenditure”. “Additionally, and in line with our commitment to the economic development of Kuwait; NBK remains highly committed to its corporate social responsibly being consistently the largest contributor to the community year after year”. Al-Sayer highlighted.
Isam Al-Sager, NBK’s Group Chief Executive Officer said; “the solid results of NBK reflect a period of strong growth and robust operating performance. Given the Bank’s adequate capitalization, stable funding and ample liquidity conditions; NBK continues to benefit from emerging opportunities locally and regionally, affirming the Bank’s income diversification strategy and improved profitability trends”.
“In the context of income diversification, NBK maintained its leadership position across business segments in Kuwait and further strengthened that position as Boubyan Bank continues to drive the growth on the Islamic Banking front. The acquisition of a 58.4% stake in Boubyan Bank in 2012 was a long-term strategic move by NBK. We continue to see very positive momentum at Boubyan Bank, which contributed around 14% of the Group’s profits in 2017.”
Zewail City of Science and Technology and NBK ink EGP 6.25 million cooperation protocol to fund 10 scholarships over a period of 5 years. Prof Sedki: A valuable partnership that highlights the impor
National Bank of Kuwait-Bahrain (NBK Bahrain), the branch of NBK Group in Bahrain, reported net profits of BD55 million ($144.5 million) for the first half (H1) of 2018 compared with BD46.1 million f
Kuwait’s consumer spending index increased 8.5 per cent year-on-year (y/y) in June, supported by a pickup in the consumption of durables and non-durables, said the National Bank of Kuwait (NBK) in it
Amid an ongoing restructuring, Dubai-listed retailer Marka has seen its losses narrow in the second quarter, while also seeing its revenue slip. The company did manage, however, to post a gross profi
Batelco, the leading digital solutions provider in Bahrain, is set to offer a new high-speed LTE Data Roaming services package with options including a one-day data roaming in the GCC for only BD5 ($
Nakheel, a leading global developer, said it has registered a net profit of Dh2.51 billion ($683 million) for the first six months of the year compared to Dh2.61 billion ($710 million) for the same p
Leading property developer Emaar has registered a revenue of Dh11.47 billion ($3.12 billion) for the first half of the year, up 46 per cent compared to Dh7.86 billion ($2.14 billion) last year led by
Leveraging its unique ability to expand value for its customers while also contributing to Saudi Vision 2030, SABIC, a global leader in the chemical industry, is investing in new applications and met