National bank of Kuwait branch profit at approx.$54m

National Bank of Kuwait - Bahrain (NBK Bahrain), the subsidiary of NBK Group in Bahrain, reported a net profit of USD 53.9 million (BHD 20.304 million) for the first half of 2013 compared with USD 37.5 million (BHD 14.130 million) for the same period of last year, a growth of 44% year-over-year (y-o-y). NBK Bahrain's total assets increased by 18% y-o-y to USD 6.480 billion at the end of June 2013 compared with USD 5.500 billion at the end of June 2012. Shareholders' Equity increased by 5% to USD 668 million compared with USD 636 million a year ago. NBK Group Chief Executive Officer Ibrahim Dabdoub said "NBK Bahrain's performance remains solid despite the challenging operating environment and affirms the success of NBK Group's regional expansion strategy. Our strategy is built on a culture of prudence and strict risk management practices, which continues to serve us well in all times." "NBK's strategic expansion has become a main pillar on which we will build future growth, as we expect our international branches will continue contributing positively to the Group's profitability and adding value to the growth in our business. We are proceeding steadily and successfully in strengthening our position regionally," Dabdoub added. Ali Fardan, NBK Bahrain General Manager said that the Bank has been able to achieve strong results despite the difficulties in the local, regional and global markets. "We have consistently focused on our core business and ways to diversify sources of income. NBK Bahrain benefits from the support of NBK Group to enhance its presence in the Bahraini market and develop new products to serve our corporate and consumer customers." NBK has been present in Bahrain since 1977 and enjoys strong and historical relationships with the major Bahraini and international companies. NBK Group has the widest banking presence with around 170 branches worldwide. NBK's international presence spans many of the world's leading financial centers including London, Paris, Geneva, New York and Singapore, as well as China (Shanghai).