NBK Announced Financial Results For The First Quarter Of 2019
Category: Business
nbk-announced--financial-results-for-the-first-quarter-of-2019_kuwait
Immigrate to Canada or Australia
Study In Abroad

The National Bank of Kuwait (“NBK”, the “Bank” or the “Group”) has announced its financial results for the first quarter of 2019. NBK reported a net profit of KD 107.7 million (USD 354.1 million), which increased by 15.1% on the first quarter of 2018, with total assets increasing by 2.4% year on year to reach KD 27.4 billion (USD 90.1 billion). Commenting on the results, NBK Group Chairman, Nasser Al-Sayer, said: “NBK’s strong results in the first quarter of 2019 are a continuation of the Bank’s robust performance, which reflects the success of the Group’s strategy to consolidate our leading position in the domestic market while continuing to expand the scope of our international operations to further diversify the Group’s profit streams and ensure continued future growth. NBK’s performance in the first quarter of 2019 confirms the solid financial fundamentals of the Group and its ability to generate revenues from core banking activities. Net operating income increased by 5.7% year-on-year to KD 225.6 million (USD 741.5 million), with growth recorded across almost all business lines.

The domestic operating environment is promising as the government continues with its development plan, thus increased capital spending. Kuwait’s fiscal position is better than peers given the substantial buffers and strong sovereign ratings; creating room for acceleration in spending despite volatile oil prices and the expected slower growth rates globally.

Furthermore, NBK remains committed to support and finance development projects under Kuwait’s 2035 Vision. We aspire to remain the leaders for mega projects financing and play our role in supporting the prosperity of the national economy.” NBK Group CEO, Isam Al-Sager, commented: “We are very proud of the strong financial results reported for the first three months of 2019 as it reflects the success of our diversification strategy and leadership of the Kuwaiti banking sector.

Our strategy was further bolstered through the Bank’s Islamic banking arm, Boubyan Bank, which continues to contribute positively to the Group’s bottom line and supports the maintenance of a dominant share in the local market. The strong growth in financial results coincides with NBK’s strategy of maintaining asset quality and maxi- mizing the value to shareholders.

This is clearly reflected by the improvement in our profitability indicators; where the return on average assets reached 1.59% compared to 1.44% in the first quarter of 2018, while the return on average equity reached 14.5% against 13.2% in the first quarter of 2018.

Moreover, the Bank continued to maintain high levels of capital, with capital adequacy ratio reaching 16.9% as of end of March 2019; exceeding the minimum regulatory requirements. We aim to better utilize our international operations with an aspiration to further increase its contribution to the Group’s profits. In the first quarter of 2019, our international operations contribution to total Group’s profits reached 25%.

In Egypt, we continue to focus on increasing our market share in the retail sector, relying on the transfer of our expertise in providing leading technological solutions to the region’s largest market in terms of population; while in KSA, we will seek to grow the client-base and AuMs of our recently launched NBK Wealth Management Company. In France, NBK’s Paris office was converted into a full subsidiary as a conservative and long-term positioning no matter how Brexit ends up. This will guarantee the Bank’s ability to continue serving clients with business ties within Europe and MENA.

Our diversification strategy is not only limited to our geographical presence, it focuses also on diversifying our products and services offered to our clients. The Bank is investing in implementing the digital transformation strategy via various initiatives that includes all the activities and markets in which we operate. This has already helped us achieve our long-term goals, ensuring that we maintain our leadership and provide the best banking services,” Al-Sager concluded.

15 Apr, 2019 0 97
Posted Comments
Popular News
kuwait-and-saudi-arabia-records-highest-temperature-on-earth_kuwait
Kuwait And Saudi Arabia Records Highest Temperature On Earth A man died in Kuwait yesterday as the country reels from a heatwave. The man, who died because of a heatstroke, was found with his tools next to his body. According to Al Rai daily, the police and ... June 12, 2019 0 14844 Category: International
freeze-contracts-of-expat-employees_kuwait
Freeze Contracts Of Expat Employees Civil Service Commission (CSC) has asked Public Authority for Agricultural Affairs and Fish Resources (PAAAFR) to freeze the contracts of a number of non-Kuwaitis who are included in the Kuwaitization... June 13, 2019 0 8765 Category: Expats
police-arrested-kuwaiti-and-syrian-girl-for-dogging-inside-a-car_kuwait
Police Arrested Kuwaiti And Syrian Girl For Dogging Inside A Car KUWAIT CITY, June 13: An unidentified Kuwaiti and a Syrian woman have been arrested and detained at a police station for committing indecent acts inside a parked car in Hawalli, reports Al- Rai daily.... June 14, 2019 0 6653 Category: Crime News
excellent-work-bonus--not-for-everyone_kuwait
Excellent Work Bonus - Not For Everyone The Civil Service Commission (CSC) has said the bonus for excellent work will not be paid to all employees, reports Al- Rai daily quoting the CSC sources. The sources explained the bonus will be pa... June 11, 2019 0 6357 Category: Kuwait
files-of-companies-to-be-closed-if-salary-not-paid-by-8th_kuwait
Companies To Be Closed If Salaries Not Paid in Time Based on the keenness of Public Authority for Manpower (PAM) to handle the issue of delay in the disbursement of salaries by a number of companies in the private sector, a reliable source said PAM has... June 11, 2019 1 6087 Category: Kuwait
kuwaiti-woman-raped-by-policeman--minister-orders-strict-punishment_kuwait
Kuwaiti Woman Raped By Policeman - Minister Orders Strict Punishment Deputy Prime Minister and Interior Minister Lt Gen Sheikh Khalid Al-Jarrah has, in line with the law, ordered tough punishment for a policeman from the Sentences Enforcement Department (SED), a milita... June 12, 2019 0 4755 Category: Crime News
kuwaiti-mp-calls-for-deportation-of-two-million-expats-5-tax-on-remittances_kuwait
Kuwaiti MP Calls For Deportation Of Two Million Expats; 5% Tax On Remittances A National Assembly member continued her crusade against foreigners, calling for two million expatriates to be expelled over the coming five years, in order for Kuwaitis to make up the majority of the... June 11, 2019 2 3890 Category: Kuwait
ethiopian-stabbed-compatriot-3-times-in-the-stomach_kuwait
Ethiopian Stabbed Compatriot 3 Times In The Stomach Police are looking for an unidentified Ethiopian for attempting to kill a compatriot, reports Al-Anba daily. The daily added, the victim was stabbed three times in the stomach and once in the hand ... June 12, 2019 0 3450 Category: Crime News
kuwait-records-first-death-as-result-of-heatstroke_kuwait
Kuwait Records First Death As Result Of Heat-stroke Kuwait yesterday recorded the first death as a direct result of the unbearable temperatures, reports Al-Rai daily. The daily added, the victim died in Surrah as a result of heatstroke. When the Operat... June 12, 2019 0 3288 Category: Crime News
kuwaiti-woman-gets-16-months-prison-for-maid-abuse_kuwait
Kuwaiti Woman Gets 16 Months Prison For Maid Abuse The Court of Appeals upheld the verdict of the Court of First Instance that sentenced a Kuwaiti woman – sponsor of a housemaid who attempted suicide in Sabah Al-Salem Area – to one year an... June 13, 2019 0 3042 Category: Crime News
View All
Popular Offers
half-kd,-1-kd,-2-kd- in kuwait
Half Kd, 1 Kd, 2 Kd
weekly-catalogue- in kuwait
Weekly Catalogue
health-and-beauty-deals---12th-to-18th-june-2019 in kuwait
Health And Beauty De...
summer-surprises in kuwait
Summer Surprises
switch-offers-14 in kuwait
Switch Offers 14
Popular Events
12 Jun, 2019
0
126
Category : Entertainment
15 Jun, 2019
0
111
Category : Entertainment
10 Jun, 2019
0
110
Category : Entertainment
15 Jun, 2019
0
101
Category : Entertainment
13 Jun, 2019
0
98
Category : Entertainment
Kuwait Local News
Kuwait News
Crime News New Rules Entertainment
Entertainment
Immigrate to Canada or Australia
Study In Abroad