NBK reports KD 374.2 million in net profit for the first 9 months of 2022

NBK reports KD 374.2 million in net profit for the first 9 months of 2022

KUWAIT: 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 374.2million ($1.2 billion), compared to KD 254.8 million ($819.9 million) for the same period in 2021, improving by 46.9 percent year-on-year.

Net profit for the three-month period ended 30 September 2022 reached KD 136.4 million ($438.9million), a year-on-year increase of 45 percent from the comparable period in 2021. Total assets as of end of September 2022 grew by 6.8 percent year-on-year to reach KD 34.7 billion ($111.7 billion), whereas total loans and advances increased by 8.7 percent year-on-year to KD 20.6 billion ($66.3 billion). Likewise, customer deposits increased by 11.0 percent to reach KD 19.3 billion ($62.0billion), while total shareholders’ equity reached KD 3.5 billion ($11.2 billion), growing by 1.5 percent year-on-year.

Commenting on the bank’s 9M 2022 financial results, Hamad Al-Bahar, Group Chairman, said: “NBK continued to deliver healthy performance and improved growth trends during 9M 2022on 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 the gloomy outlook expected globally. The pickup in