The National Bank of Kuwait (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).
The bank’s total assets grew by 3.7% year-on-year, reaching KD 37.7 billion ($122.8 billion) in December 2023. Customer deposits surged by 8.8% to reach KD 21.9 billion ($71.6 billion), total loans and advances stood at KD 22.3 billion ($ 72.6 billion) and attributable shareholders’ equity reached KD 3.7 billion ($12.0 billion), growing by 7.3% year-on-year.
In light of the results, the NBK Board of Directors proposed a cash dividend distribution of 25 fils per share for the second half of 2023, bringing the total cash dividends for the year to 35 fils; a payout ratio of 50% of profits attributable.
The Board also proposed the distribution of 5% bonus shares.
Earnings per share (EPS) stood at 68 fils per share for the year 2023, compared to 61 fils in 2022, NBK said in a statement.
Mr. Hamad Al-Bahar, Group Chairman commented on the financial results: “In 2023, NBK achieved robust financial results, showcasing the adaptability of our business model and affirming our consistent progress toward delivering enduring long-term value to our customers, shareholders, and communities.”
Al-Bahar also highlighted NBK’s initiatives contributing to the sustainable development of Kuwait’s economy. The latest of these was becoming a signatory of the United Nations Global Compact.
Meanwhile, Mr. Isam J. Al-Sager, Vice Chairman and Group CEO, said: “In 2023, we delivered a robust performance, experiencing growth in both revenues and profits. The favorable operational performance persisted across our business, as we continued to leverage the advantages of our diverse business portfolio and strategic investments in talent and technology”.
The Group’s net operating income surged by 15.6% annually, reaching KD 1.2 billion, driven by “the growth of net interest income and fees and commissions”.