National Bank of Kuwait reports $1.2bn in net profit for first nine months of 2022

National Bank of Kuwait has reported a net profit of KD374.2m ($1.2bn) for the nine-month period ended September 30, 2022, improving by 46.9 per cent year-on-year from KD254.8m ($819.9m) for the same period in 2021.

Total assets as of end of September grew by 6.8 per cent year-on-year to reach KD34.7bn ($111.7bn), whereas total loans and advances increased by 8.7 per cent year-on-year to KD20.6bn ($66.3bn).

Customer deposits also scaled 11 per cent to reach KD19.3bn ($62bn), while total shareholders’ equity reached KD3.5bn ($11.2bn), growing by 1.5 per cent year-on-year.

Meanwhile, net profit for the three-month period ended September 30, reached KD136.4m ($438.9m), reporting a year-on-year increase of 45 per cent from the comparable period in 2021.

National Bank of Kuwait reports net profit of KD 374.2 million (USD 1.2 billion) for the first nine months of 2022; growing by 46.9 % year-on-year.#NBKProfits pic.twitter.com/MncYyu59Q4

— National Bank of Kuwait (@NBKPage) October 18, 2022

Hamad Al-Bahar, group chairman, said: “The operating environment witnessed strong signs of recovery and business sentiment has been improving in recent quarters. The pickup in consumer spending, oil production and oil prices contributed positively in supporting the fiscal position of the government and in providing a likely scenario for improved capex.”

“We were pleased to demonstrate our commitment to invest in technology by taking part in developing the Kuwaiti government digital transformation journey. NBK has committed to provide needed support to upgrade the government application ‘Sahel’ and ‘Sahel Business’; leveraging on the Bank’s expertise in digital transformation and its efforts to increase the effectiveness and efficiency of the services provided to nationals, entrepreneurs and small businesses.”

“Furthermore, on promoting the private sector’s social commitment, NBK launched a large expansion project for its Children’s Hospital specialised in stem cell transplant, supporting the government’s efforts in advancing healthcare services. The bank will finance the expansion project at an estimated cost of KD13m,” Al-Bahar noted.

“We achieved the highest quarterly profits in the history of the Bank, leveraging on the strength, quality and flexibility of our diversified business model,” added Isam Al-Sager, vice-chairman and group CEO.

“The bank delivered a healthy growth of 10.6 per cent in operating income, reaching KD753.5m, driven by core banking activity while the lower cost of risk levels contributed positively in uplifting our bottom line.”