NBK reports 1H2021 net profit of KD 160.8mln

SourceZawya
SectorFinancial Markets
CountryKuwait

: (“NBK”, the “Bank” or the “Group”) has announced its financial results for the six-month period ended 30 June 2021. NBK reported a net profit of KD 160.8 million (USD 534.0 million), improving by 44.7% year-on-year. Net profit for the three-months ended 30 June 2021 reached KD 76.5 million (USD 254.0 million), a year-on-year increase of 128.8% from the comparable period in 2020.

Commenting on the results, , said: commented: The Banker -Ends- NBK was founded in 1952 as the first home-grown bank and the first joint stock company in Kuwait and the Gulf Region. NBK reported net profits of USD 812.3 million (KD 246.3 million) for 2020. NBK’s total assets were USD 98.0 billion (KD 29.7 billion) at the end of 2020, while shareholder equity stood at USD 10.5 billion (KD 3.2 billion). NBK is the largest financial institution in Kuwait with effective market dominance in the commercial banking market and has been consistently awarded one of the highest credit ratings among all banks in the region from Moody’s, Standard & Poor’s, and Fitch Ratings. NBK also stands out in terms of its local and international network, which includes branches and subsidiaries in China, Geneva, London, Paris, New York,

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