Kuwait – Mubasher: The National Bank of Kuwait aims to continue investing in technology and digital platforms and expanding its scope at the group level, in addition to focusing heavily on innovation as a major driver of future growth.
Sheikha Al-Bahar, Deputy CEO of the National Bank of Kuwait Group, said that this would contribute to more efficient work and growth in various fields and key markets, in order to achieve the aspirations of all stakeholders.
Al-Bahar indicated, on the sidelines of the analysts’ conference for the results of the first half of the year 2023, that the growth in the bank’s profits in the first half of the year 2023 is due to the increase in revenues from the main activities, as the strong profitability trends continued for each of the performance on a quarterly basis and since the beginning of the current year.
She confirmed that the group succeeded in maintaining very strong trends from an operational point of view, as revenues grew at levels that exceeded the growth rate of operating expenses.
The bank achieved a very strong growth in revenues before deducting provisions and taxes amounting to 359.2 million dinars, a growth of 23.1% on an annual basis, which contributed to achieving the highest quarterly profit in its history.
And she stressed that distributing semi-annual cash dividends for the second time reflects the strength of the bank’s capital bases and confidence in the strength of its financial position, noting that the bank’s focus is mainly on creating value for its shareholders.
Al-Bahar mentioned that there is a continuous improvement in profitability rates, as the return on average total assets reached 1.53% and the return on average shareholders’ equity reached 15.2%.
Strategic pillars
Al-Bahar indicated that the bank continues to implement its core strategic pillars, which focus on diversification and maintaining its market share.
Al-Bahar pointed out that the group focuses on consolidating a strong network for its clients in major major markets, and working to develop business activities in a number of markets that include Egypt, the UAE and Saudi Arabia, while strengthening the group’s position and its leading role at the regional level in the field of wealth management.
mega projects
Al-Bahar confirmed that the government presented the four-year plan to Parliament, which includes 5 main axes, which are ensuring the stability of public finances, economic development, job creation, sustainable welfare and productive government.
The Executive Vice President of the National Bank of Kuwait Group, Sheikha Al-Bahar, explained that the matter will create opportunities for banks to participate in mega projects, through project financing, which means creating opportunities for Kuwaitis in the labor market, in addition to opportunities for personal banking services.
It is noteworthy that the profits of the National Bank of Kuwait increased in the second quarter of 2023 by 16.4%, to record 141.14 million dinars, compared to 121.25 million dinars in the profit of the second quarter of 2022.
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2023-07-23 13:55:31
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