The National Bank of Kuwait has reported a net profit of KD 116.6 million ($383.6 million) for the first quarter of 2022, compared to KD 84.3 million ($277.4 million) for the Q1 2021, improving by 38.3 percent year-on-year.
Total assets as of end of March 2022 grew by 8.7 percent year-on-year to reach KD 33.7 billion ($110.9 billion), whereas total loans and advances increased by 12.3 percent year-on-year to KD 20.1 billion ($66.0 billion), and total shareholders’ equity reached KD 3.4 billion ($11.2 billion), growing by 3.5 percent year-on-year, the bank said in a statement.
Net operating income of KD 236.5 million ($778.3 million), increasing by 6.8 percent compared to Q1 2021.
Isam Jasem A. Al-Sager, Vice-Chairman and Group Chief Executive Officer, said, “During the first quarter of 2022, we recorded strong interim profits and continued to build on the operational momentum that we achieved over the past year, delivering another quarter of strong earnings amid continued growth across all of our business lines.”
