National Bank of Kuwait (NBK) reported a net profit of KD 134.1 million (USD 434.8 million) for the first quarter of 2025, a decrease from KD 146.6 million (USD 475.3 million) in the same period last year. Profit before tax reached KD 173.4 million (USD 562.3 million), slightly up from KD 172.0 million (USD 557.7 million) in the previous year.
The bank’s total assets grew by 8.7% year-on-year to KD 41.6 billion (USD 135 billion), with customer loans and advances increasing by 9.9% to KD 24.6 billion (USD 79.8 billion). Customer deposits rose by 5.6%, reaching KD 23.5 billion (USD 76.2 billion), while shareholders’ equity stood at KD 4 billion (USD 13.1 billion), reflecting a growth of 6.4%.
Hamad Al-Bahar, NBK Group Chairman, commented on the results: “NBK entered 2025 on a strong note, delivering solid financial results in the first quarter despite a challenging global landscape.” He highlighted NBK’s resilience and adaptability amid geopolitical tensions and complex macroeconomic conditions.
Al-Bahar emphasized NBK’s strategic positioning supported by its strong balance sheet, high liquidity, and prudent risk management approach: “Once again, NBK reaffirms its resilience and adaptability to evolving economic conditions.”
Isam J. Al-Sager, NBK Group Vice Chairman and CEO, noted that “NBK’s first-quarter financial results this year underscore the strength of its buffers,” enabling it to withstand global economic challenges.
Al-Sager attributed the drop in net profit partly to the Domestic Minimum Top-Up Tax affecting multinational enterprises in Kuwait but pointed out that profit before tax remained stable year-on-year.
Looking forward, Al-Sager stated that “NBK remains committed to investing in technology and fostering innovation” as part of its strategy to expand its customer base and seize opportunities in promising markets.
He also highlighted ongoing efforts to enhance wealth management offerings through integrated solutions across private banking and asset management services.
Regarding Kuwait’s business environment, Al-Sager observed positive developments due to government focus on major development projects aligned with Vision 2035 but acknowledged challenges such as US tariffs and geopolitical tensions.
In terms of brand strength, NBK maintained its position as Kuwait’s most valuable banking brand according to Brand Finance’s annual report, achieving a significant increase in brand value compared to last year.
Key financial indicators for the first quarter included net operating income at KD310.7 million (USD1 billion), an increase of 0.6% year-on-year; robust asset quality metrics; and a capital adequacy ratio comfortably exceeding regulatory requirements.
