‘NBK achieved highest annual profits in Bank’s history’

‘NBK achieved highest annual profits in Bank’s history’

Kuwait - Isam Al-Sager, Vice Chairman and Group CEO, National Bank of Kuwait said that NBK achieved the highest annual profits in the Bank’s history, refl ecting the soundness of our prudent strategy and solid financial position.

“The Group achieved year on year growth of 40.5% in net profits for 2022 to reach KD 509.1 million, driven by solid operational performance and improving cost of risk,” Al-Sager said on the sidelines of the analysts’ conference for NBK Group 2022 financial results.

Al-Sager highlighted that the Group’s stellar performance is a testament to its successful proactive approach, the resilience of its business model and its ability to capture opportunities.

Al-Sager pointed out that the board of directors has recommended a distribution of 25 fils per share for the second half of 2022, bringing our total cash distribution for the year to 35 fils per share, in addition to 5% bonus shares.

Speaking on the Group’s strategy, Al-Sager said: “We continue to focus on balancing long-term investments with meeting current financial commitments to drive growth in today’s challenging economic environment” , explaining that NBK Group has strengthened its foundation through strategic investments in people, processes, technology, and products.

Moving on to the local market, Al-Sager said: “In