National Bank of Kuwait
The National Bank of Kuwait was founded in 1952. Ii is the largest financial institution in Kuwait, and has branches and subsidiaries in China, Geneva, London, Paris, New York, and Singapore and a regional presence in Lebanon, Jordan, Egypt, Bahrain, Saudi Arabia, Iraq, Turkey, and the UAE.
The Group reported a net profit after non-controlling interests of KD 370.7 million compared to KD 322.4 million for
2017, an increase of 15%. Operating profit amounted to KD 606.9 million as compared to KD 557.2 million in 2017, an
increase of 8.9%.
Net interest income and net income from Islamic financing at KD 690.5 million reflects a 9.8% increase on 2017. Net fees and commissions at KD 150.2 million reflects a 8.4% increase on 2017. Net
gains from dealing in foreign currencies amounted to KD 39 million in 2018 as compared to KD 33.7 million in 2017.
Operating expenses amounted to KD 276.3 million as compared to KD 265.4 million in 2017. The cost to income ratio
for 2018 improved to 31.3% as compared to 32.3% in 2017.
Provision charge for credit losses and impairment losses amounted to KD 179.7 million as compared to KD 188.2
million in 2017.
The return on average equity at 12% in 2018 compared to 10.8% in 2017.
History and profile
The idea of a National Bank of Kuwait started in 1952; a meeting was held with the Amir of Kuwait, Abdullah Al Salem Al Sabah, who issued a decree on 19 May 1952 to establish the National Bank of Kuwait, and NBK started operating through a small branch on 15 November 1952. NBK grew to be one of the largest banks in the region.NBK reported net profits of USD 898.7 million for the first nine months of 2018 on the net growth of 14.3% year-on-year. NBK has 68 branches in Kuwait, and a total of 143 branches worldwide. It has branches, subsidiaries and representative offices in Geneva, London, Paris, New York, Singapore, and China, and a regional presence in Lebanon, Jordan, Iraq, Egypt, Bahrain, Qatar, Saudi Arabia, UAE, and Turkey.
Subsidiaries
- Boubyan Bank is 58.6% owned by the Bank. It was established in 2004.
- NBK PLC is a wholly owned subsidiary of the Bank in London which provides retail, private and corporate banking, treasury and trade finance related services.
- NBK S.A.L. is 85.5% owned by the Bank and provides retail, commercial and private banking and real estate related services through a network of ten branches.
- NBK Banque Privee S.A. is a wholly owned subsidiary of the Bank headquartered in Geneva. In addition to traditional banking services, it provides portfolio management services, family trust, advisory and custody services to individuals with high net worth.
- Credit Bank of Iraq S.A. is 75% owned by the Bank and provides retail and commercial banking services through a network of fourteen branches in Iraq.
- NBK Investment Management Limited is a wholly owned subsidiary of the Bank and provides asset management services to Kuwaiti government agencies and high-net-worth customers.
- National Investors Group Holdings Limited is a wholly owned subsidiary of the Bank and was established as an investment company.
- NBK Capital Company is 99.9% owned by the Bank and was established in July 2005 as a subsidiary of NBK. NBK Capital focuses on four principal lines of business: Alternative Investments, Asset Management, Brokerage & Research and Investment Banking. Offices in Kuwait, Dubai, Turkey, and Cairo.
- Al Watany Bank of Egypt S.A.E. is 98.5% owned by the bank and provides retail, private and corporate banking, treasury and trade finance related services.
- Watani Financial Brokerage Company' is 86.7% owned by the bank and provides brokerage services.
Investment in associates
- International Bank of Qatar , the affiliate of NBK in Qatar, is owned 30% owned by the Bank. It is one of the oldest financial institutions in Qatar and celebrated its 50th anniversary in 2006. It has a network of many branches and service centers, and ATMs in strategic locations throughout Qatar. It offers a range of corporate, private and retail banking products and services. This operation was sold early in 2015.
- Turkish Bank is 30% owned by the Bank.
NBK International Advisory Board
NBK Chairmen
| Years | Chairman Name |
| 1952–1955 | Khaled Al Zaid Al Khaled |
| 1956–1958 | Ahmed Saud Al Khaled |
| 1959–1964 | Abdulaziz Hamad Al Sager |
| 1965–1979 | Yaqoub Youssef Al Hamad |
| 1980–1992 | Mohammed Abdulmohsin Al Kharafi |
| 1993–2014 | Mohammed Abdulrahman Al Bahar |
| 2014- | Nasser Musaed Abdulla Al Sayer |