The National Bank of Kuwait (NBK) has reported a net profit of KD 146.6 million ($476.8 million) in the first quarter of 2024 in the first quarter of 2024
The report marks a 9.2% year-on-year increase, compared to the KD 134.2 million ($436.6 million) in net profit the bank recorded in the first three months of 2023.
The bank’s total assets as of the end of March 2024 grew by 5.1% year-on-year to reach KD 38.3 billion ($124.7 billion), while total loans and advances increased by 5.7% year-on-year to KD 22.4 billion ($72.8 billion).
Shareholders’ equity reached KD 3.8 billion ($12.3 billion), growing by 7.9% year-on-year.
“As we continue to capitalise on our strategic investments in technology and talent, we remain confident in our ability to achieve further successes in meeting the needs of our customers,” commented Hamad Al Bahar, NBK Group Chairman.
Al-Bahar underscored the importance of strategically diversifying the Bank’s portfolio and services across different geographic regions. This not only mitigates risks but also capitalizes on favourable prospects, he said, stressing NBK’s commitment to adaptability, resilience, and ensuring enduring stability over the long term.
“Kuwait’s economy displays resilience and stability, firmly rooted in robust foundations,” 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.”
NBK recorded a net profit of KD 560.6 million ($1.8 billion) in 2023, up 10.1% from the year before, which saw net profits of KD 509.1 million ($1.7 billion).
