NBK Bahrain reports net profit of $324mln

NBK Bahrain reports net profit of $324mln

National Bank of Kuwait-Bahrain (NBK Bahrain) reported net profit of $324 million (BD122.14m) for 2022 as against net profit of $312m (BD117.68m) for 2021.

As of end-2022, NBK Bahrain’s total assets stood at $19.199 billion compared with $19.698bn in 2021.

Total shareholders’ equity increased by 12 per cent year-on-year (y-o-y) to $2.884bn, whereas customers deposits increased by 23pc y-o-y to $8.992bn by end-2022.

Commenting on the financial results, NBK Group vice-chairman and chief executive Isam Al Sager said: “National Bank of Kuwait-Bahrain realised good profits for 2022, despite the challenging operating environment including escalating global geopolitical tensions and soaring inflation rates worldwide, and their impact on markets’ performance.

“Our international operations are key contributors to the group’s profits, which prove our resilient business model, and at the same time, the success of our regional expansion strategy in hedging against the risks and fluctuations, and its contribution to diversifying income sources,” he added.

Mr Al Sager noted that the Bahraini market is one of the key growth markets for NBK Group, given the promising growth opportunities and positive prospects of this market.

He stressed that NBK will continue reinforcing its competiveness in the markets where it operates, as the group’s broad geographical footprint gives it a strong