Kuwait: National Bank of Kuwait-Bahrain announced net profits of USD 145 million (BHD 54.7 million) for the year 2014 compared with USD 114 million (BHD 42.9 million) in 2013, a growth of 27% year-on-year.
NBK Bahrain is the subsidiary of NBK Group in Bahrain. As of end of 2014, NBK-Bahrain’s total assets increased by 36% y-o-y to USD 10.5 billion, while total shareholders’ equity increased 23% y-o-y to USD 917 million. Customer deposits reached USD 5.2 billion, up 16% y-o-y.
NBK Deputy Group Chief Executive Officer Shaikha Al-Bahar said, “NBK-Bahrain continues its solid performance despite the challenging operating environment. The Bank’s strong results affirm the success of NBK Group’s regional expansion strategy that is built on a culture of prudence and strict risk management practices.”
Al-Bahar added, “We are successfully proceeding in strengthening our position as a leading regional bank. NBK’s subsidiaries continue to deliver strong results contributing positively to the Group’s profitability and adding value to the growth in our business.” Ali Fardan, NBK-Bahrain General Manager, said “This strong performance reflects our conservative management as we have consistently focused on our core business and ways to diversify sources of income. We continue to grow our operations locally by developing new products to serve our customers benefiting from the support of NBK Group.”
