(MEBG) – The National Bank of Kuwait reported a record net income of $50 million for the first half of 2000, representing an 11 percent increase compared with that of the first half of 1999.
In a statement to the Bahrain Tribune, Mohammed Abdulrahman Al Bahar, NBK’s Chairman, said that the “net income rose to $163 million, emphasizing the solid performance and consistent growth in profitability since the bank’s establishment in 1952.”
“The soundness of our policies and the ability of our management to execute the focused strategy are demonstrated in our results and ranking in the Arab world,” said al Bahar.
NBK has been marked as the most profitable Arab Bank in 1999 with a record net income of $306 million. It was also recognized by the Euromoney Award for Excellence as “The Best Local Bank in the Middle East” in the years 1999 and 2000, and as the “Best Bank in Kuwait” for seven consecutive years.
NBK has consistently received the highest overall credit rating among Middle Eastern banks by major rating agencies such Moody’s Standard & Poor’s, and Fitch IBCA. Fitch recently upgraded NBK’s long-term rating to A.
Al Bahar also added that “the strength of NBK’s business franchise is apparent in the bank’s ability to deliver ever-better results even though the local economic environment has yet to reflect the recovery in oil prices that started more than twelve months ago.”
The bank’s use of technologically advanced facilities provide the bank with a competitive advantage, which it plans to uphold by further expanding its activities regionally.
“We strive to be a knowledge-based bank as our goal is to remain close to our customers and to accommodate to their evolving needs. We are also committed to introducing new internet-based services” he added.