Kuwait, 17 October, 2024 : The National Bank of Kuwait (NBK) has announced a net profit of KD 457.0 million (approximately $1.5 billion) for the nine-month period ending September 30, 2024, reflecting a year-on-year increase of 6.0% from KD 431.1 million ($1.4 billion) in the same period last year.
For Q3 2024, NBK achieved a net profit of KD 164.6 million ($540.1 million), marking a 5.7% growth compared to the previous year. Total assets rose by 6.3% year-on-year to KD 39.2 billion ($128.5 billion), while total loans and advances increased by 6.2% to KD 23.2 billion ($76.0 billion). Customer deposits also saw a 7.1% increase, reaching KD 22.4 billion ($73.5 billion).
NBK's asset quality improved, with a non-performing loan (NPL) ratio of 1.39% and an NPL coverage ratio of 263%. Hamad Al-Bahar, NBK Group Chairman, attributed the bank’s growth to its strategic diversification across products, services, and regions, despite geopolitical tensions.
The bank is committed to sustainability and supporting environmental, social, and governance (ESG) initiatives within the communities it serves. Isam J. Al-Sager, NBK Group Vice Chairman and CEO, noted that the bank’s consistent profit growth is driven by its resilient business model and prudent risk management.
Al-Sager highlighted the bank's focus on innovation and digital banking services, aiming to enhance customer experience and expand its customer base. He emphasized the strong contributions from its Islamic division, Boubyan Bank, and international operations, which support NBK's diversification strategy.
Source : www.zawya.com
