The Banking Executive Magazine - January 2022 Issue

NBK AL-SAYER • NBK delivered strong financial re- sults despite the continued chal- lenges posed by the pandemic on operations • The flexibility and diversity of the Bank’s business model demon- strated the ability to overcome challenges • The Bank maintained its commit- ment towards rewarding and adding value to shareholders • The operational environment in Kuwait is promising in 2022 and we are optimistic with regards to the opportunities embedded • We take pride in the progress that we achieved in implementing the highest standards of corporate gov- ernance and embedding sustain- ability as an integral part of our corporate culture and operations • The Bank will remain committed into supporting and contributing to the recovery of Kuwait’s economy AL-SAGER • NBK succeeded in recording solid performance across business lines in 2021 and exceeded strategic tar- gets set for the year • Regardless of the continued low in- terest rate environment, the Bank delivered robust growth and strong financial performance • We now bear the fruits of the proactive and conservative ap- proach that NBK adopted since the beginning of the pandemic • Our digital transformation contin- ued to accelerate; laying the foun- dation for future growth by launching Weyay, Kuwait’s first digital bank • Added a pool of prestigious awards in recognition of the quality of services and products delivered to clients • NBK asserted itself as a leading global financial issuer in the re- gion; marking a milestone further endorsing investors’ continuous confidence • NBK will remain agile in position- ing and endorsing ESG as a core principle to the way we conduct and operate our business National Bank of Kuwait (“NBK”, the “Bank” or the “Group”) has an- nounced its financial results for the twelve-month period ended 31 De- cember 2021. NBK reported a net profit of KD 362.2 million (USD 1.2 billion), compared to KD 246.3 mil- lion (USD 814.4 million), improving by 47.1% year-on-year. As of end of December 2021, NBK’s total assets grew by 11.9% on annual basis, to reach KD 33.3 billion (USD 109.9 billion), while customers’ de- posits grew by 6.9% to reach KD 18.3 billion (USD 60.4 billion). Cus- tomer loans and advances on the other hand grew by 12.7% com- pared to the same period last year, to reach KD 19.7 billion (USD 65.2 bil- lion)while total shareholders’ equity stood at KD 3.3 billion (USD 11.0 billion) by end of year 2021. NBK’s Board of Directors has pro- posed the distribution of a cash divi- dend of 30 fils per share, representing 59.6% of net profit, in addition to 5% bonus shares (5 shares for every 100 shares). The cash dividend and bonus shares, if approved by the shareholders’ gen- eral assembly, shall be payable to the shareholders after obtaining the nec- essary regulatory approvals. Earnings per share (EPS) stood at 47 fils, as compared to 31 fils in 2020. Commenting on the results, NBK Group Chairman, Nasser Al-Sayer, said: “NBK delivered strong financial re- sults despite the continued chal- lenges posed by the pandemic on the operating environment and the global economy.” “NBK’s performance affirmed the flexibility and diversity of the Bank’s business model in 2021 through achieving superior returns for its shareholders. The Bank demon- strated its unique ability to overcome the disruptive operating environment whilst persisting to invest in human ISSUE 157 JANUARY 2022 the BANKING EXECUTIVE 23 NBK delivered strong financial results despite the continued challenges posed by the pandemic on operations