NBK Reports Strong 2024 Financial Performance, Posts KD 600.1 Million in Net Profits
Kuwait’s National Bank of Kuwait (NBK) demonstrated resilience and growth in 2024, achieving KD 600.1 million in net profits, a 7% increase from the previous year. The bank’s strategic focus on diversification, digital innovation, and sustainability contributed to its solid performance, despite macroeconomic and geopolitical challenges.
NBK’s net operating income rose by 7.2% year-on-year to KD 1.3 billion, driven by higher interest income, fees, commissions, and foreign exchange gains. The bank also reported a return on average assets of 1.55% and a return on average equity of 15.1%. These results reflect NBK’s ability to adapt to shifting market dynamics while expanding its international and Islamic banking businesses.
Founded in 1952, NBK is one of Kuwait’s largest financial institutions, with a strong presence across the Middle East and key global markets. The bank has successfully maintained a diversified revenue stream, leveraging its international footprint and wealth management services. It remains a key player in Kuwait’s economic landscape, aligning its strategy with the country’s development agenda.
“Winning the Health Insurer of the Year award for the third time is a testament to our dedication to putting our customers at the heart of everything we do,” said Paul Adamson, CEO of GIG Gulf. “It reflects our relentless focus to understand customer needs and develop tailored healthcare and wellbeing solutions to build trust with our members across the region.”
NBK’s strategic priorities in 2024 also included sustainability efforts, such as joining the Partnership for Carbon Accounting Financials (PCAF) and issuing Kuwait’s first green bond. Looking ahead to 2025, the bank remains cautiously optimistic, anticipating stable economic conditions while continuing to explore new growth opportunities.
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