National Bank of Kuwait (NBK) – Bahrain, a member of NBK Group, reported net profits of $114 million (BHD 42.9 million) for the year 2013 compared with $92 million (BHD 34.6 million) in 2012, a growth of 24 per cent year-on-year (y-o-y).
NBK Bahrain's total assets increased by 41 per cent y-o-y to $7.75 billion as of end of December 2013, compared with $5.5 billion as of end of December 2012. Shareholders' equity increased by 17 per cent y-o-y to $746 million from $636 million a year ago. Customers' deposits were up 114 per cent y-o-y to $4.5 billion at the end of 2013, compared with $2.1 billion at the end of 2012.
Ibrahim S. Dabdoub, NBK Group CEO said: "NBK Bahrain's performance remains solid given the challenging operating environment. This performance is clear evidence that our regional expansion strategy is successful and rewarding despite the challenges in the region. Our strategy is built on a culture of prudence and strict risk management practices, which continues to serve us well in all times."
Ali Fardan, NBK Bahrain General Manager, said: "This 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 ways to diversify sources of income. The quality of our assets is beyond reproach. Meanwhile, we continue to grow our operations and develop new products to serve our corporate and retail customers."