National Bank of Kuwait - Bahrain (NBK Bahrain), the subsidiary of NBK Group in Bahrain, reported a net profit of USD 74.1 million (BHD 27.9 million) for the first half of 2014 compared with USD 53.9 million (BHD 20.3 million) for the same period of last year, a growth of 38% year-over-year (y-o-y).
A bank statement said that NBK Bahrain's total assets increased by 19% year-to-date to USD 9.235 billion at the end of June 2014 compared with USD 7.745 billion at the end of December 2013. Shareholders' Equity increased by 14% to USD 851.1 million compared with USD 745.6 million at the end of December 2013.
NBK Group Chief Executive Officer Isam Al-Sager said "NBK Bahrain continues its solid performance despite the challenging operating environment. The Bank's strong results affirm the success of NBK Group's regional expansion strategy that is built on a culture of prudence and strict risk management practices." "We are proceeding steadily and successfully in strengthening our position regionally. NBK's strategic expansion is a main pillar on which we will build future growth. We expect our international branches will continue contributing positively to the Group's profitability and adding value to the growth in our business," Al-Sager added.
On his part, Ali Fardan, NBK Bahrain General Manager said that the Bank has been able to achieve strong results despite the difficulties in the local and regional markets.
"We have consistently focused on our core business and ways to diversify sources of income. NBK Bahrain benefits from the support of NBK, he added.