NBK Q119 results top analyst forecasts with a 15.1% increase in net profit to KWD107.7m ($354m).
National Bank of Kuwait total assets rise by 2.4% year-on-year to KWD27.4bn. First quarter revenue increases by 5.7% y-o-y to KWD225.6m. The rise in profit is mainly due to an increase in net interest income, non-interest income and reduced provisions.
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The Kuwaiti business environment remains promising as the government continues with its development plan. In turn this results in increased capital spending.
NBK chairman, Nasser Al-Sayer, says:”NBK’s strong results in the first quarter of 2019 reflects the success of the group’s strategy to consolidate our leading position in the domestic market while continuing to expand the scope of our international operations to further diversify the Group’s profit streams and ensure continued future growth.”
NBK Group CEO, Isam Al-Sager, comments: “Our strategy was further bolstered through the Bank’s Islamic banking arm, Boubyan Bank. It continues to contribute positively to the Group’s bottom line and supports the maintenance of a dominant market share.”
The bank ends the first quarter with a capital adequacy ratio of 16.9%.
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By GlobalDataAl-Sager adds: “The bank is investing in implementing the digital transformation strategy. This has already helped us achieve our long-term goals. And it ensures that we maintain our leadership and provide the best banking services.”
NBK Q119 results: digital highlights
The bank has introduced more than 14 new updates and services to its mobile banking app. M-banking service enhancements include NBK Swift Tracking. This means that customers can track their money transfers anytime, anywhere by logging in to the NBK Mobile Banking App and clicking on the account statement history to view the status of their transfer.
Meantime, NBK Quick Pay provides customers with an easy way to transfer amounts or make payments.
Hala Al Shoaibi, Executive Alternative Channels Manager, National Bank of Kuwait says:”We are focused at NBK on providing the newest technologically-advanced services in our NBK Mobile Banking App.
“Our most recently introduced services ensure our customers are able to complete their transactions anytime, anywhere, in a few fast and easy taps, without having to visit their nearest branch.”
NBK’s m-banking app is available in Arabic and English on iPhone, iPad, iPod Touch and Android. It is also available on Apple Watch and Android Wear.
