NBK reports KD 431.1 million in net profit for 9 months of 2023

NBK reports KD 431.1 million in net profit for 9 months of 2023

KUWAIT: National Bank of Kuwait (NBK) has announced its financial results for the nine-month period ended 30 September 2023.The bank reported a net profit of KD 431.1 million ($1.4 billion), compared to KD 374.2 million ($1.2 billion) for the corresponding period in 2022, improving by 15.2 percent year-on-year. In the three-month period ended September 30, 2023, NBK achieved a net profit of KD 155.8 million ($504.1 million), demonstrating an annual growth rate of 14.2 percent.

Total assets as of the end of September 2023 grew by 6.1 percent year-on-year to reach KD 36.8 billion ($119.2 billion), whereas total loans and advances increased by 5.8 percent year-on-year to KD 21.8 billion ($70.5 billion), while total shareholders’ equity reached KD 3.8 billion ($12.1 billion), growing by 7.4 percent year-on-year.

Commenting on the bank’s 9M 2023 financial results, Hamad Al-Bahar, NBK Group Chairman, said: “We are delighted by the continuous growth in our profits, as it extends from our strong financial performance. This success primarily stems from our core banking activities, demonstrating our solid financial standing, the resilience of our business model, and its ability to generate positive results in diverse economic conditions and cycles”.

“Our prudent approach in diversifying revenue streams and making substantial investments,