The Banking Executive Magazine - July 2022 Issue

National Bank of Kuwait National Bank of Kuwait REPORTS OVER $772MLN H1 NET PROFIT National Bank of Kuwait (“NBK”, the “Bank” or the “Group”) has an- nounced its financial results for the six-month period ended 30 June 2022. The Bank reported a net profit of KD 237.8 million (USD 775.4 million), compared to KD 160.8 million (USD 524.2 million) for the same period in 2021, improving by 47.9% year-on- year. Net profit for the three-month period ended 30 June 2022 reached KD 121.2 million (USD 395.3 million), a year-on-year increase of 58.6% from the comparable period in 2021. Total assets as of end of June 2022 grew by 8.6% year-on-year to reach KD 34.3 billion (USD 111.8 billion), whereas total loans and advances in- creased by 8.8% year-on-year to KD 20.1 billion (USD 65.7 billion), and total shareholders’ equity reached KD 3.4 billion (USD 11.0 billion), growing by 1.0% year-on-year. NBK Board of Directors approved the dis- tribution of 10% semi-annual cash dividends (10 fils per share) for the period ended June 2022. This marks a historical milestone for NBK as the first semi-annual divi- dend distribution post the General Assembly approval on the amend- ment of Articles of the Memorandum and Articles of Association of the Bank with regards to dividends dis- tribution. Commenting on the Bank’s 1H 2022 financial results, Isam Al-Sager, Vice- Chairman and Group Chief Execu- tive Officer, said: “NBK continued its growth momentum by recording yet another period of robust perform- ance during 1H 2022; buoyed by the economic recovery and normaliza- tion of business activities post-pan- demic. We are pleased to demonstrate on the success of our di- versification strategy, flexible busi- ness model, prudent risk manage- ment, and robust capital, alongside our prosperous investments in tech- nology and talent acquisition in de- livering the Bank’s objectives.” Al-Sager added that: “The continuity of growth trends across strategic mar- kets and segments, including Wealth Management and Islamic banking, asserts the sound financial position of the Group and its ability to generate income from diverse streams. The Bank delivered a healthy growth of 6.1% in operating income, reach- ing KD 480.2 million, supported by core banking activity; while the lower cost of risk levels contributed positively in uplifting our bottom line profits.” “Thanks to the accelerated pace in executing the Group’s digital agenda, we continued to proactively respond to market needs through offering a wide range of products and services; upscaling our customers’ experience, satisfaction and retention.We believe that our achievements have put the Bank in a position of digital leader- ship domestically and regionally”, Al-Sager highlighted “The Bank will continue to invest heavily in its strategic initiatives to ensure maxi- mized returns for its stakeholders and contribute positively to its communi- ties. Leveraging on the Group’s re- silience and its ability to continue to grow and progress, NBK is entering the second half of the year with a stronger momentum and will con- tinue to preserve its position as a leading regional bank. Our diversifi- the BANKING EXECUTIVE 46 ISSUE 163 JULY 2022