NBK – Bahrain reports net profit of KD 51.7 million in first half of 2023

NBK – Bahrain reports net profit of KD 51.7 million in first half of 2023

KUWAIT: National Bank of Kuwait-Bahrain (NBK Bahrain) reported net profits of BHD 63.38 million (KD 51.7 million) for 1H 2023 compared to BHD 54.84 million (KD 44.68 million) in the corresponding period of 2022. As of end of June 2023, NBK-Bahrain’s total assets stood at BHD 6.75 billion (KD 5.51 billion) compared to BHD 7.05 billion (KD 5.75 billion) in the corresponding period of 2022.

Total shareholders’ equity increased by 15 percent y-o-y to BHD 1.15 billion (KD 940 million), whereas customer deposits decreased by 4 percent y-o-y to BHD 2.95 billion (KD 2.405 billion) compared to BHD 3.080 billion (KD 2.51 billion) in the corresponding period. Commenting on the bank’s first half 2023 results, Isam Al-Sager, NBK Group Vice-Chairman and Chief Executive Officer said, “Despite the ongoing challenges posed by global economic challenges stemming from geopolitical instability and elevated inflation rates, NBK Bahrain has managed to achieve substantial profits during the first half of 2023.

This growth in profitability underscores the bank’s resilient business model and solid financial standing.” Al-Sager highlighted that the Group’s strategic investments over the recent past years in key growth areas, with a strong focus on sustaining digital leadership and offering cutting-edge banking solutions across all sectors, in