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NBK reports KD 272.4 mln 9M 2018 net profits








National Bank of Kuwait (NBK) reported net profits of KD 272.4 million ($898.7 million) for the first nine months of 2018 compared with KD 238.4 million ($786.4 million) for the same period in 2017, growing 14.3% year-on-year. NBKs 3Q 2018 net profits reached KD 86.5 million ($285.5 million), compared to KD 73.7 million ($243.1 million) for the same period in 2017 recording a YoY increase of 17.5%.

Total assets as of end of September 2018 reached KD 27.1 billion ($89.5 billion) up 5.7% compared to end of September 2017, while total shareholders equity increased by 5.2% to KD 3.1 billion ($10.2 billion). Customer loans and advances reached KD 15.4 billion ($50.8 billion) as of end of September 2018, up 6.5% from last years levels.

Customer deposits grew by 5.4% year-on-year to reach KD 14.1 billion ($46.4 billion) as of end of September 2018. Asset quality remained strong with NPL/Gross Loans ratio at 1.37% as of end of September 2018, and NPL coverage ratio at 237%. The Group maintained best in class capitalization ratios.

As of end-September 2018, NBKs capital adequacy ratio (CAR) reached 17.2%, comfortably exceeding regulatory requirements. Nasser Musaed Al-Sayer, NBK Group Chairman said, “our profitability continues strengthening each quarter reflecting the solid foundation of the Groups operations and the strong internal earning generation capacity.

NBK is on track to record another year of record profits as demonstrated by the growth in 9M 2018 results. Our profits continue to be quite diversified and are mainly driven by core banking income. “The Groups net operating income grew by 8.5% year-on-year to KD 661.8 million ($2,183.4 million), driven by healthy lending volumes, improving margins in addition to strong fee business growth,” Al Sayer highlighted.

Al-Sayer also added “economic activity in Kuwait continues to improve. We witness healthy trends in the implementation of the governments development plan; capital spending and execution rate in recent years have been on the rise indicating sustainable future growth trends. “Opportunities are promising in Kuwait on the back of improved business environment which in turn paved the way for the private sector to be an active player”

Al-Sayer highlighted. “NBK is positioned for this lucrative operating cycle given the Banks capabilities, unique offerings, size and ratings.” Isam Al-Sager, NBKs Group Chief Executive Officer said, “The Groups diversification strategy is an important factor in our strong and consistent financial performance. We continue to see similar trends for the rest of 2018 and beyond. Our 9M 2018 profits were driven by core banking activities and strong volumes across most business segments and geographies supporting our targets of diversified assets and income streams. Given the Banks adequate capitalization, stable funding and ample liquidity conditions; NBK continues to benefit from emerging opportunities locally and regionally.” “Islamic banking is an area of focus for NBK.

Boubyan Bank is key to the Groups aspiration to implement the diversification strategy within Kuwait as well. Our Sharia compliant subsidiary is outperforming the market trends, acquiring market share and expanding its customer base. “The geographic exposure helped NBK bring its diversification strategy into practice as we drive a meaningful contribution from our operations outside Kuwait. Profits from international operations reached 30% of the Groups total profits in 9M 2018.

This confirm the banks key competitive advantage relative to peers. “The Groups strategy continues to focus on expansion of presence in our MENA markets through organic growth, most importantly in the GCC and Egypt. In 2018, we are expanding in KSA by opening 2 new branches (Riyadh and Eastern Province) to complement our offering in Jeddah.

Moreover, we will also be offering global wealth management in the Kingdom through our CMA-licensed entity. On the other hand in Egypt, we have been positioning for growth as the reforms continue to deliver economic stability and thus serve the largest populated Arab market that is significantly underbanked.” NBK continues to enjoy collectively one of the highest ratings among all banks in the Middle East from the three international rating agencies Moodys, Fitch Ratings and Standard and Poors.

The Banks ratings are supported by its high capitalization, prudent lending policies, and its disciplined approach to risk management, in addition to its highly recognized and very stable management team. NBK was also named among Global Finances list of the 50 safest banks in the world for thirteen consecutive times and was awarded as the Best Bank in Kuwait in 2017 by the Banker, Euromoney and Global Finance. NBK enjoys the widest banking presence with a local and international network reaching 4 continents. NBKs international presence spans many of the worlds leading financial centers including New York, Europe, Singapore and China; in addition to its presence in MENA.

¦ About National Bank of Kuwait (NBK): NBK was founded in 1952 as the first indigenous bank and the first joint stock company in Kuwait and the Gulf Region. NBK reported net profits of $ 1,068.3 million (KD 322.4 million) for 2017. NBKs total assets were $86.3 billion (KD 26.0 billion) at the end of 2017, while shareholder equity stood at $9.5 billion (KD 2.9 billion).


Time Added: 2018-10-11 10:47:31
Source: gulfbase
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