NBK Bahrain reports net profits of $92m for 2012, up 31% year-on-year
- Bahrain: Monday, January 28 - 2013 at 14:41
- PRESS RELEASE
National Bank of Kuwait - Kingdom of Bahrain, a branch of NBK Group, reported net profits of $92m (BD34.6m) for the year of 2012 compared with $70m (BD26.2m) in 2011, a growth of 31% year-on-year.
Ibrahim S. Dabdoub, NBK Group CEO, said, "NBK Bahrain's performance is a clear evidence that our regional expansion strategy is successful and rewarding despite the difficult operating environment in the region. We are proceeding steadily and successfully in strengthening our position regionally."
Dabdoub added, "Our strategic initiative has become a main pillar on which we will build future growth, as we expect the contribution of our international operations to the Group's profitability to continue growing."
Ali Fardan, NBK Bahrain General Manager, said, "this strong performance attests to the solid foundations on which the bank was built. NBK Bahrain has been able to sail through the storm unscathed, as we have consistently focused on our core business and ways to diversify sources of income. The quality of our assets is beyond reproach, built on a culture of prudence and strict risk management practices, which continues to serve us well in times of calm and crisis. Meanwhile, we continue to grow our operations locally and regionally constantly developing new products to serve our corporate and consumer customers."
NBK has the widest banking presence in Kuwait with 64 branches, which together with its growing international presence totals 173 branches worldwide. NBK's international presence spans many of the world's leading financial centers including London, Paris, Geneva, New York and Singapore, as well as China (Shanghai). Meanwhile, regional coverage extends to Lebanon, Jordan, Iraq, Egypt, Bahrain, Qatar, Saudi Arabia, the UAE, and Turkey.
NBK continues to collectively enjoy the highest ratings among all banks in the Middle East from the three international rating agencies; Moody's, Fitch Ratings and Standard and Poor's. The Bank's ratings are supported by its high capitalization, prudent lending policies, and its disciplined approach to risk management, in addition to its highly recognized and very stable management team. In 2012, NBK was also named among Global Finance's list of the 50 safest banks in the world for the sixth consecutive time.
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / 4C. AME Info FZ LLC / 4C is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.