NBK named Best Bank by Euromoney
National Bank of Kuwait, the emirate’s largest bank, was named by Euromoney, as the Best Bank in Kuwait in 2001, making it the first bank to win the award for eight consecutive years.
National Bank of Kuwait, the emirate’s largest bank, was named by Euromoney, a well known international magazine, which focuses on the world's capital money markets, as the Best Bank in Kuwait (2001), making it the first bank to win the award for eight consecutive years.
NBK’s strategy is to maintain its position as a flagship international bank in the Arab world and expand further its presence in the Lebanese and Egyptian market. These new markets will allow NBK the growth opportunities in basic banking products that the limited size of the Kuwaiti market no longer supplies.
According to Euromoney, NBK “has a relatively strong presence in the UK. Its international reach is far stronger than any other Kuwaiti bank. Closer to home it is looking to expand its presence in the region, namely Lebanon and Egypt.” Commenting on the award, NBK’s Deputy CEO, Isam Jassim Al-Sager sees this title a real achievement for NBK this year, as it is the only Arab bank in Euromoney’s history to get this award for excellence since 1994 consecutively.
NBK recently achieved a 12% increase in profits for the first quarter of 2001. The bank, which has $13.3 billion in assets also, realised $183 million in net profit, achieved an increase of 27.7% in return on equity (ROE) while the return on assets (ROA) increased by 2.75%.
A customer-centric, multi-channel approach has helped the bank retain fickle customers and acquire new ones since it launched online banking services three years ago. Considered a pioneer in offering online financial services, telebanking and mobile services, NBK has become a successful case study for other entities that want to venture down the same road. The bank has incrementally increased its portfolio of operations over the past year and is looking to expand regionally.
NBK recently became the highest rated bank in emerging markets globally when Moody's Investors Service, the global credit rating, research and risk analysis firm, adjusted the bank’s financial strength rating (FSR) from a ‘C+’ to a ‘B-’.