National Bank of Kuwait (NBK) reported net profits of $541million during H1, 2015, up 12.8% YoY from $479.4m, H1 2014.
NBK Group 1Q 2015 net profits included the gain from the sale of NBK’s 30% stake in IBQ with a net impact $75m. Net profits for the 2Q 2015 reached $221.4m, YoY up 9.9%.
Nasser Al-Sayer, chair of NBK, said “NBK continued to deliver solid growth and healthy performance with net profits growing at 12.8% year-on-year during the 1H 2015. This reflects NBK’s strong financial position, conservative management practices and the bank’s successful strategy”.
Al-Sayer added that the solid results of the 1H 2015 reflect strong growth in the Group’s core banking businesses. During the 1H 2015, net operating income grew by 12.5% year-on-year to $1,235.5 million confirming NBK’s strong domestic and regional market positions. The growth in net operating income is mainly attributed to solid growth in the bank’s net interest income and fees and commissions income with year-on-year growth rates reaching 12.6% and 8.7%, respectively.
“The overall operating environment in Kuwait continues to witness improvements. We see acceleration in the process of tendering, award and execution of the large infrastructure projects, which has reflected positively on NBK’s operational income and loan growth. As the leading bank in Kuwait, NBK continues to play a main role in the financing of these mega infrastructure projects.” Al-Sayer added
At a glance: The results
$541million – Net profits during H1, 2015, up 12.8% YoY
$76 billion – Total assets, H1 end, 2015 up 14.6% YoY.
6% – rise in total shareholder equity to $8.8bn
$42.1bn – customer loans and advances reached as of H1 end, 2015
10.1% growth in customer deposits over the same period, reaching $39.9bn
