NBK reports KD 275.3m in net profit for H1 2023

NBK reports KD 275.3m in net profit for H1 2023

KUWAIT: National Bank of Kuwait (NBK) has released its financial results for the six-month period ended 30 June 2023.The Bank reported a net profit of KD 275.3 million ($896.7 million), recording a year-on-year growth of 15.8 percent compared to the same period in 2022, where it recorded KD 237.8 million ($774.6 million). In the three-month period ended 30 June 2023, NBK achieved a net profit of KD 141.1 million ($459.7 million), reflecting a year-on-year growth rate of 16.4 percent. Total assets as of the end of June 2023 grew by 5.3 percent year-on-year to reach KD 36.1 billion ($117.5 billion), whereas total loans and advances increased by 7.1 percent year-on-year to KD 21.6 billion ($70.2 billion), while total shareholders’ equity reached KD 3.6 billion ($11.7 billion), growing by 6.6 percent year-on-year.

NBK Board of Directors has resolved to distribute semi-annual cash dividends of 10 fils per share for the period ended 30 June 2023 representing 10 percent of the nominal value of the shares. Commenting on the bank’s 1H2023 financial results, Hamad Al-Bahar, NBK Group Chairman, said: “NBK delivered robust financial results in the first half of 2023. Our performance during that period reflects the great value derived from our diversified