NBK reports 1H 2021 net profit of KD 160.8 mln

The National Bank of Kuwait (NBK) has announced its financial results, Sunday, for the six-month period ending June 30th, 2021, a net profit of KD 160.8 million (USD 534.0 million), improving by 44.7 percent year-on-year.

Net profit for the three-months ending on June 30th, 2021 reached KD 76.5 million (USD 254 million), a year-on-year increase of 128.8 percent from the comparable period in 2020.

Commenting on the results, NBK Group Chairman Nasser Al-Sayer said, “Macroeconomic challenges and disruption caused by the Covid-19 pandemic continued to create headwinds in the first half of 2021. Despite this, the gradual recovery that we achieved in the first quarter continued into the second, with increased vaccine penetration and some easing of mobility and other restrictions leading to improved business confidence and activity.” He then went on to say, “We are cautiously optimistic that this trend will continue as the year progresses, which bodes well for the national economy and for the banking sector. The expansionary budget announced by the Kuwait government for 2021-2022, together with higher oil prices contributing more to state revenues, are positive for the business environment.” Al-Sayer continued, “However, the future course of the pandemic and its impact on economic activity remains uncertain and we expect return to normal levels of activity to remain gradual.” He also pointed out, “NBK remains committed to supporting the economies where it operates including that of Kuwait, its businesses, citizens, and residents. By delivering on our social as well as economic responsibilities to the country, we are helping to build a stronger future for all.” Therefore, “In this respect, we are more committed than ever before to integrating impactful ESG strategies across all aspects of our business. Our headquarters relocation to a new LEED gold building has led to considerable reductions in energy use, greenhouse gas emissions, and water consumption,” he said.

“Meanwhile, our support for the vaccination rollout, including for our own staff, is an important part of our social commitment,” he noted.

“The soundness of NBK’s fundamentals, our focus on efficiency, and our institutional strength as a national and regional leader are enabling us to respond effectively to the temporary challenges that we face,” he stated.

“We are maintaining a conservative approach to risk, and to prudent balance sheet management, and focused on continuing to drive excellence in performance against these metrics across our operating markets,” he concluded.

NBK was founded in 1952 as the first homegrown bank and the first joint stock company in Kuwait and the Gulf Region.

Source: Kuwait News Agency