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NBK Bahrain records unchanged profit in FY19

NBK Bahrain records unchanged profit in FY19
NBK Group CEO, Isam Al Sager

Mubasher: The National Bank of Kuwait-Bahrain (NBK Bahrain), the branch of the leading Kuwaiti bank National Bank of Kuwait (NBK), registered net profits of BHD 117.890 million (KWD 94.9 million or $314.6 million) during 2019, remaining relatively unchanged from 2018.     

Comprehensive income grew by 93% to reach BHD 161.636 million by 2019 year-end, compared to BHD 83.706 million in 2018, said a press release on Wednesday.

In the meantime, the bank’s total assets stood at BHD 7.293 billion, up by 15% year-on-year (YoY) from BHD 6.339 billion in 2018.

Total shareholders’ equity expanded by 15% annually to BHD 788.357 million, while customers deposits were seen at BHD 3.050 billion by the end of December 2019.

The 2019 earning growth was helped by NBK-Bahrain’s operating activities despite the operational challenges due to volatile oil prices, NBK Group CEO, Isam Al Sager, explained.

“The strong profitability growth of NBK-Bahrain is a testament to the success of NBK Group’s strategic regional expansion strategies, with our internal branches and subsidiaries playing a vital role in mitigating risks and diversifying our income sources,” he explained.  

Meanwhile, NBK-Bahrain general manager, Ali Fardan, said, “NBK Bahrain continues to consolidate its prominent position in the Bahraini market, thanks to the full range of exceptional banking products and services it provides to its retail and corporate clients.”

It is worth pinpointing that NBK is the largest financial institution in Kuwait with effective market dominance in the commercial banking market.