NBK posts H1 net profit of KD 160.8mn – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait English Daily

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Middle East

NBK posts H1 net profit of KD 160.8mn – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait English Daily

Total assets grow by 6.4% year-on-year to KD 31.6 billion KUWAIT CITY, July 18: The National Bank of Kuwait (“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 yearon- year increase of 128.8% from the comparable period in 2020. Performance and operating highlights 1H 2021: • Net operating income of KD 452.5 million (USD 1.5 billion), increasing by 9.2% compared to 1H 2020 • Total assets grew by 6.4% year-on-year, to KD 31.6 billion (USD 104.9 billion)• Total loans and advances grew by 5.3% year-on-year to KD 18.5 billion (USD 61.5 billion) • Customer deposits decreased by 0.9% year-on-year to KD 17.4 billion (USD 57.8 billion) • Solid asset quality metrics, with NPL/gross loans ratio at 2.45% and an NPL coverage ratio of 152% • Robust Capital Adequacy Ratio of 18.2%, comfortably in excess of regulatory requirements Commenting on the results, NBK Group Chairman, Nasser Al-Sayer, said: “Macroeconomic challenges and disruption caused by the Covid-19 pandemic continued