National Bank of Kuwait logs $1.2bln 9M net profit

National Bank of Kuwait logs $1.2bln 9M net profit

Kuwait City - National Bank of Kuwait (“NBK”, the “Bank” or the “Group”) has announced its financial results for the nine-month period ended 30 September 2022. The Bank reported a net profit of KD 374.2 million (USD 1.2 billion), compared to KD 254.8 million (USD 819.9 million) for the same period in 2021, improving by 46.9% year-on-year.

Net profit for the three-month period ended 30 September 2022 reached KD 136.4 million (USD 438.9 million), a year-on-year increase of 45% from the comparable period in 2021.

Total assets as of end of September 2022 grew by 6.8% year-on-year to reach KD 34.7 billion (USD 111.7 billion), whereas total loans and advances increased by 8.7% year-on-year to KD 20.6 billion (USD 66.3 billion). Likewise, customer deposits increased by 11.0% to reach KD 19.3 billion (USD 62.0 billion), while total shareholders’ equity reached KD 3.5 billion (USD 11.2 billion), growing by 1.5% year-on-year.

Commenting on the Bank’s 9M 2022 financial results, Mr. Hamad Al-Bahar, Group Chairman, said: “NBK continued to deliver healthy performance and improved growth trends during 9M 2022 on the back of favorable macroeconomic conditions. The operating environment witnessed strong signs of recovery and business sentiment has been improving in recent quarters; especially considering