KUWAIT CITY: National Bank of Kuwait (NBK) Group has achieved strong performance across all business segments in 2018. Such strong results reflect the success of the bank’s strategy aimed to expand its international operations and increase their contribution to the Group’s profits, in line with NBK’s keenness to affirm its leadership in the local market.
This was part of NBK’s Chairman Nasser Al-Sayer’s message at NBK’s Ordinary (AGM) and Extraordinary (EGM) General Assembly meeting for 2018. The AGM and EGM approved the Board of Directors’ recommendation to distribute 35% cash dividend to shareholders (equivalent to 35 fils per share) and the distribution of 5% bonus shares (5 shares for every 100 shares owned).
[the_ad id=”32940″]Al-Sayer added that National Bank of Kuwait (NBK) continued its strong financial performance in 2018, achieving a record annual net profit of KD 371 million compared to KD 322 million in 2017, a growth of 15% y-o-y.
Al-Sayer said that NBK has made significant progress in its pursuit of the diversification strategy. He added that the strategy is not limited to the Bank’s products and services but extends to expanding its operations in all the markets it operates as its continuously seeks more opportunities, in addition to committing to digital transformation, which will enable the Group to continue its growth in the future.
Al-Sayer also assured the role that NBK plays in supporting economic growth and the agenda of ‘New Kuwait 2035’, stating that NBK is the no.1 bank for financing public and private projects, a status that it intends to maintain.
As global oil prices improved in the first half of last year, it gave a major boost to GCC sovereign balance sheets – with improved fiscal positions, although these were somewhat dented by bearish market conditions later in the year.
He confirmed the strength of the Kuwaiti economy despite fluctuations in oil prices and this is borne out by the strong sovereign credit ratings that it has maintained, adding that further reforms are still required to boost longer-term growth potential.