National Bank of Kuwait reports net profit of KWD 481.7 million in first nine months
The bank announced growth in profits, assets, and deposits during the first nine months of the current year.
Translated by Qiyas from كونا — Original source
Kuwait City, Oct 19 (KUNA) -- Kuwait Finance House announced today on Monday that it achieved net profits of 481.7 million Kuwaiti dinars (approximately $1.6 billion US) in the first nine months of the current year, compared to 467.7 million dinars (approximately $1.5 billion US) in the same period last year, representing a growth rate of 3.1 percent.
In a press statement, the bank said that total assets rose by 4.5 percent on an annual basis at the end of last September to reach 46.9 billion dinars (approximately $152.4 billion US), while total loans and advances grew by 8.2 percent annually to reach 28.2 billion dinars (approximately $91.6 billion US).
It added that customer deposits at the end of the first nine months of the current year increased by 13.5 percent on an annual basis to reach 27.9 billion dinars (approximately $90.6 billion US), while total shareholders’ equity amounted to 4.6 billion dinars (approximately $15.1 billion US), up by 5.1 percent compared to the same period last year.
Quoting the statement, the chairman of the board of directors of Kuwait Finance House Group, Hamad Al-Bahar, said that the results reflect the resilience of the group’s business model and its ability to deliver strong and sustainable performance under various economic conditions, based on diversified income sources, a strong financial position, and strategic flexibility.
For his part, the deputy chairman and chief executive officer of the group, Essam Al-Saqer, confirmed in the statement that the financial indicators recorded by the group during the nine months ended on September 30 underscore its ability to achieve balanced and sustainable growth despite the challenges facing the regional and global business environment.
Al-Saqer said that net operating income grew by 3.8 percent on an annual basis to reach one billion dinars (approximately $3.3 billion US), supported by momentum in core banking activities and the positive contribution of the group’s affiliated activities and sectors to revenue generation, reflecting the success of the bank’s strategy based on diversifying income sources and leveraging opportunities in the markets where it operates.
He added that external operations continued to play a key role in diversifying the group’s performance, benefiting from the group’s broad geographical presence in regional and global markets, which enhanced income source diversification and increased business resilience in the face of economic changes.
He pointed out that the country’s economic activity witnessed improvement in the recent past, supported by the gradual recovery of oil production and progress in implementing the development agenda. He added that project activity maintained its momentum, with the total value of awarded projects reaching approximately three billion dinars during the first nine months, coinciding with the attraction of international investments to the infrastructure sector.
Al-Saqer clarified that Kuwait has witnessed notable progress in economic and legislative reforms recently, including the issuance of the Mortgage Finance Law, noting that its entry into force will contribute to supporting the growth of the banking sector and stimulating economic activity, particularly in sectors linked to the housing market and real estate development.
(End) F.N.K / A.M.H
