Kuwait's NBK Posts KD 600 Mln Net Profit In '24

1/28/2025 9:04:49 AM

(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Jan 28 (KUNA) -- The National bank of Kuwait (NBK) reported on Tuesday a net profit of KD 600 million (USD 1.9 billion) for 2024, as compared to KD 560.6 million (USD 1.8 billion) last year, equivalent to a seven percent growth rate.
Earnings per share (EPS) stood at 69 fils by the end of 2024, as compared to 65 fils by the end of 2023, while total assets as of December 2024 grew by 7.1 percent year-on-year, reaching KD 40.3 billion (USD 130.9 billion), NBK chairman Hamad Al-Bahar told reporters.
In more data, he said that customer deposits grew by 4.2 percent, totaling KD 22.9 billion (USD 74.2 billion) as of December 2024, while group loans and advances reached KD 23.7 billion (USD 76.9 billion) in the same period, reflecting a growth of 6.4 percent year-on-year.
In terms of distributions, the board of directors has proposed a cash dividend of 25 fils per share for the second half of 2024, bringing the total cash dividend for the year to 35 fils, equivalent to around 50 percent of net profits, he added.
Commenting on the financial results, he said it highlights the "exceptional operational performance across our diverse business lines, with the core banking activities leading the way," while NBK continues to deliver sustained growth, even in the face of escalating geopolitical tensions and the onset of declining interest rates, the official underlined.
On future endeavors, the NBK chair said that the bank seeks to play a "pivotal role in financing upcoming mega projects," further solidifying its position as the government's primary partner in funding major strategic initiatives, he said. (end)
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