NBK announces a net profit of KD 116.6 million for 1Q 2022

NBK announces a net profit of KD 116.6 million for 1Q 2022

KUWAIT: National Bank of Kuwait (“NBK”, the “Bank” or the “Group”) has announced its financial results for the three-month period ended 31 March 2022. The Bank reported a net profit of KD 116.6 million ($383.6 million), compared to KD 84.3 million ($277.4 million) for 1Q 2021, improving by 38.3 percent year-on-year. Total assets as of end of March 2022 grew by 8.7 percent year-on-year to reach KD 33.7 billion ($110.9 billion), whereas total loans and advances increased by 12.3 percent year-on-year to KD 20.1 billion ($66.0 billion), and total shareholders’ equity reached KD 3.4 billion ($11.2 billion), growing by 3.5 percent year-on-year.

Commenting on the Bank’s quarterly financial results, Isam Jasem A Al-Sager, Vice-Chairman and Group Chief Executive Officer, said: “During the first quarter of 2022, we recorded strong interim profits and continued to build on the operational momentum that we achieved over the past year, delivering another quarter of strong earnings amid continued growth across all of our business lines.”

He added that the operating environment in Kuwait continued to witness signs of recovery during the first quarter of 2022; thanks to the improvement in the pace of consumer spending and the steady increase in oil production that coincided with the noticeable