NBK reports KD 146.6 mln in 1Q net profits

KUWAIT, National Bank of Kuwait (NBK) has reported a net profit of KD 146.6 million (USD 476.8 million) in the first quarter of 2024, compared to KD 134.2 million (USD 436.6 million) for the corresponding period in 2023, improving by 9.2 percent year-on-year.

Total assets as of the end of March 2024 grew by 5.1 percent year-on-year to reach KD 38.3 billion (USD 124.7 billion), whereas total loans and advances increased by 5.7 percent year-on-year to KD 22.4 billion (USD 72.8 billion), the bank said in a press release.

ShareholdersÂ’ equity reached KD 3.8 billion (USD 12.3 billion), growing by 7.9 percent year-on-year, it added.

Commenting on the BankÂ’s 1Q2024 financial results, NBK Group Chairman Hamad Al-Bahar said: “In the first quarter of 2024, we recorded robust profits, showcasing our commitment to delivering long-term sustainable value to our customers, community, and shareholders.” “Kuwait’s economy displays resilience and stability, firmly rooted in robust foundations. We expect an uptick in activ
ity within Kuwait’s operational scene throughout 2024, resulting in increased project awards and reinforcing trust in the country’s business landscape,” Al-Bahar added.

“In spite of the recent escalation in geopolitical tensions in the region, we continue to focus on advancing our operations in the markets we serve while closely monitoring the repercussions on the operating environment in the region,” Al-Bahar explained.

Meanwhile, NBK Group Vice Chairman and CEO Isam J. Al-Sager said: “We have had a strong beginning to 2024, with our business segments maintaining momentum throughout the quarter. This underscores the benefits of our strategic investments and diversified business portfolio.” Al-Sager highlighted the Bank’s robust performance, citing strong revenue and profit growth. He noted that the operational momentum from 2023 carried forward into the current period, resulting in another quarter of strong profits fueled by growth across all business sectors.

“The Group’s net operating income increased b
y 11.2 percent year-on-year, reaching KD 309.0 million (USD 1.0 billion). This increase was fueled by improved revenues across various business sectors, reflecting the diverse and multiple sources of income within the Group,” Al-Sager added.

Al-Sager stressed that the domestic political environment witnessed some recent instability in the form of changes in parliament and government.

Source: Kuwait News Agency