NBK Bahrain reports net profits of USD 70 million for 2011
National Bank of Kuwait (NBK) Kingdom of Bahrain, a branch of NBK Group, reported net profits of USD 70 million (BHD 26.244 million) in 2011 compared with USD 65 million (BHD 24.506 million) in 2010, a growth of 8%.
The Bank's performance remains solid and impressive given the challenging environment. NBK Bahrain’s total assets reached USD 4.085 billion at the end of December 2011, while shareholders’ equity rose 14% to USD 547 million.
Ibrahim S. Dabdoub, NBK Group Chief Executive Officer, said: “NBK-Bahrain’s performance is clear evidence that our regional expansion strategy is successful and rewarding despite the difficult operating environment in the region. We are proceeding steadily and successfully in our plans to transform the Group into a truly regional player.
“Our strategic initiative has become a main pillar on which we will build future growth,” Dabdoub said. “We expect our international branches to continue contributing positively to the Group's profitability and adding value to the growth in our business.”
Ali Fardan, NBK Bahrain General Manager, said “the strong performance attests to the solid foundations on which the bank was built. NBK Bahrain has been able to sail through the storm unscathed, as we have consistently focused on our core business and on ways to diversify our income sources. Our asset quality is of highest standards thanks to our prudent culture and strict risk management practices”.
NBK Group enjoys the highest ratings among all banks in the Middle East from the three international rating agencies Moody’s, Fitch Ratings and Standard and Poor’s. The Group’s ratings are supported by its high capitalization, prudent lending policies and a disciplined approach to risk management.
NBK enjoys the widest banking presence in Kuwait with 67 branches, which together with its growing international presence totals 176 branches worldwide. NBK’s international presence spans many of the world’s leading financial centers including London, Paris, Geneva, New York and Singapore, as well as China (Shanghai). Regional coverage extends to Bahrain, Egypt, Iraq, Jordan, Lebanon, Qatar, Saudi Arabia, the UAE, and Turkey.
Watani Investment Company KSCC (“NBK Capital”), a leading investment management firm in the region, sets the standard in growth-focused innovative financial products and services. A world-class investment house, NBK Capital’s customer-centric approach provides forward-thinking solutions that address the specific investment needs of clients and investors, institutional customers and high-net-worth individuals.