National Bank of Kuwait (NBK) announced on Monday a net profit of KD 134.1 million (approx. $434.8million)forQ12025,comparedtoKD146.6million($475.73 million) for the same period in 2024.

Key Financial Highlights:

• Pre-tax profit: KD 173.4 million ($562.3 million)

• Total assets: KD 41.6 billion ($135 billion), up 8.7% YoY

• Customer deposits: KD 23.5 billion ($76.2 billion), up 5.6% YoY

• Shareholders' equity: KD 4 billion ($13.1 billion), up 6.4% YoY

• Operating revenues: KD 310.7 million ($1 billion), up 0.6% YoY

Executive Commentary:
*Hamad Al-Bahar, Chairman*:
"NBK started 2025 with solid Q1 results despite global economic challenges including geopolitical tensions and trade war concerns. We're accelerating sustainable finance efforts toward our $10 billion sustainable assets target by 2030 and implementing carbon neutrality initiatives."

*Essam Al-Sager, Vice Chairman & Group CEO*:
"The 8.5% net profit decline reflects new local minimum tax implementation for multinational entities in Kuwait. Our international operations and Boubyan Bank remain key growth drivers as we continue technology investments and digital innovation."

Market Outlook:
NBK anticipates positive operational environment in Kuwait due to:

• Ongoing major project awards and executions

• Government prioritization of Vision 2035 megaprojects

• Recent financial reforms including the Debt Law

• Expected mortgage finance legislation

Challenges: U.S. tariffs, potential global trade war, and persistent geopolitical tensions.

Conversion Rate: 1 KWD = 3.242 USD (2025), 1 KWD = 3.245 USD (2024)