NBK Reports Strong Financial Performance in First Nine Months of 2024

KUWAIT CITY: The National Bank of Kuwait (NBK) has announced a significant increase in its financial results for the nine-month period ending September 30, 2024, with net profits rising to KD 457.0 million (USD 1.5 billion), marking a 6.0% increase from the previous year. According to Kuwait News Agency, the Bank showcased solid performance across various metrics. For the third quarter ending September 30, 2024, NBK reported a net profit of KD 164.6 million (USD 540.1 million), reflecting a 5.7% growth year-on-year. The total assets of the Bank grew by 6.3% to KD 39.2 billion (USD 128.5 billion). The growth in assets was accompanied by a 6.2% increase in total loans and advances, reaching KD 23.2 billion (USD 76.0 billion), while customer deposits saw a 7.1% increase to KD 22.4 billion (USD 73.5 billion). The Bank also reported improvements in asset quality, with the non-performing loan (NPL) to gross loan ratio declining to 1.39%, and the NPL coverage ratio enhancing to 263%. NBK Group Chairman Hamad Al-Ba har attributed the robust financial results to the Bank's strategic diversification across products, services, and geographic presence, which bolstered the Bank's resilience amid regional and global tensions. Al-Bahar highlighted the Bank's commitment to sustainability, noting that NBK has continued to build on its strong record of environmental, social, and governance (ESG) practices. He emphasized NBK's dual capability in providing both conventional and Islamic banking services, notably through its subsidiary, Boubyan Bank, which has reinforced its market position in Kuwait. NBK Group Vice Chairman and CEO, Isam J. Al-Sager, further detailed the Bank's operational achievements, noting a 7.8% increase in net operating income to KD 931.0 million (USD 3.1 billion) for the first nine months of 2024. He underscored NBK's ongoing focus on expanding its digital products and services, enhancing customer experience, and contributing positively to the communities it serves. Al-Sager also mentioned the significant contributions from Boubyan Bank and NBK's international operations to the Group's income and profits, underscoring the effectiveness of NBK's diversification and international expansion strategy.