Who We Are

Since its incorporation in 1952 as Kuwait’s first indigenous bank and the first shareholding company in the entire Gulf region, NBK has been known as ‘The Bank You Know and Trust’. Thanks to the recognized excellence of its very stable management along with its unequivocal strategy, consistent profitability, high asset quality and strong capitalization, NBK, throughout the years, succeeded in building an advanced banking institution that offers a full spectrum of innovative and unrivalled financial and investment services and solutions to individual, corporate and institutional clients. NBK enjoys a dominant market share with a large and ever-expanding local and regional clientele. NBK also boasts Kuwait’s largest overseas branch network spanning many of the world financial and business centers.

Our vision

The NBK vision is to be the trusted bank of choice, building on our core values, people and expertise.

Our mission

To deliver world-class products and the highest quality service to our customers.

To attract, develop and retain the best banking talent in the region.

To support the communities in which we operate.

To adhere to our core values of passion, integrity, conservatism and knowledge.

In following our mission, we believe that we will be able to achieve consistently superior returns to our shareholders.

The National Bank of Kuwait (NBK) was established in 1952 when a prominent Kuwaiti merchant went to the British Bank of the Middle East to open a letter of guarantee for the amount of 10,000 Indian rupees, (which is equivalent today to 750 KD). Much to his surprise, his request was rejected, on the condition that he provide a guarantor. This well-known merchant was shocked and appalled by the treatment that he had received, and news of this was all over town. 

This incident gave rise to the question and the idea of having a Kuwaiti bank with a mission to serve citizens’ needs as its priority, stimulate the economic growth of the country, and look after the savings of its clients. In fact, a meeting was held with the late Amir of Kuwait, H.H. Sheikh Abdullah Al-Salem Al-Sabah, who congratulated them on the idea and promised them his complete support. An Amiri decree was issued on May 19, 1952 to open the National Bank of Kuwait, and NBK started operations on November 15th 1952.

The founders of NBK are:

• Khalid Zaid Al-Khalid
• Ahmed Saud Al-Khaled
• Khalifa Khalid Al-Ghunaim
• Khaled Abdullatif Al-Hamad
• Sayed Ali Sayed Sulieman Al-Rifai
• Yousef Abdulziz Al-Fulaij
• Yousef Ahmed Al-Ghanim
• Mohamed Abdulmohsen Al-Khorafi
• Abdulaziz Hamad Al-Sager

NBK was the first national bank in Kuwait and the entire Arabian Gulf region. All the board members and the founders of NBK were renowned merchants of Kuwaiti origin. NBK was established with a capital of 13,100 shares, each valued 1,000 Indian rupees – equivalent to 75 Kuwaiti dinars today. Over the years NBK has proved itself to be a financial leader in the Arab world.

Dear Shareholders, Investors and Partners,

2024 was a year of significant milestones for NBK, with the issuance of NBK’s debut Green Bond, the successful expansion of Weyay, the introduction of innovative and sustainable financial solutions, the enhanced accessibility and inclusivity for a broader customer base, and the capitalization on growth opportunities in key markets and market segments.

Building an Inclusive and Sustainable Financial Future

NBK is committed to leveraging technology to enhance customer experiences, drive operational efficiency, and contribute to a more inclusive and sustainable financial ecosystem. In 2024, NBK continued to redefine banking by digitizing existing products and diversifying digital offerings to enhance customer experience while improving operational efficiency. Leveraging technology, NBK provided innovative tailored services that met the evolving needs of its customers.

NBK continued to expand its digital offerings, introducing a range of innovative products and services that cater to the evolving needs of its customers, solidifying its position as a leader in digital banking in Kuwait and potentially expanding into other markets. The introduction of Jeel, a youth-centric banking solution under the umbrella of Weyay, has enabled young individuals to access essential financial solutions, empowering the next generation and fostering a more inclusive financial future.

Cultivating a Sustainable Future for All Stakeholders 

NBK recognizes that a thriving future for our organization and our communities is inextricably linked to a sustainable future for the planet. Guided by our commitment to “Driving Innovation for an Inclusive and Sustainable Financial Future,” we have embarked on a transformative ESG journey. A key highlight of 2024 was the development and approval of NBK’s Group-level ESG Policy, providing a comprehensive framework for integrating sustainability across all aspects of our business.

We have also solidified our leadership in sustainable finance through the issuance of our inaugural USD 500 million Green Bond. This landmark achievement, funding projects focused on climate change mitigation such as green buildings, renewable energy, and clean transportation, demonstrates NBK’s dedication to a greener future and our role in fostering a more sustainable world.

NBK set a new benchmark by becoming the first bank in Kuwait and the sixth in the MENA region to join the Partnership for Carbon Accounting Financials (PCAF). By participating in PCAF, we will enhance our ability to measure and manage our environmental impact, aligning our operations with global best practices in sustainability reporting and environmental disclosures. This commitment to transparency and accountability is crucial as we strive to build a more sustainable future for all stakeholders.

NBK is in the final stages of crafting an Environmental and Social Risk Management (ESRM) Framework, integrating ESG considerations into the Bank’s risk management framework. We are committed to setting new standards in sustainable finance for the banking industry, contributing to a better world for future generations. We aspire to be trendsetters in fostering sustainable banking, not only in Kuwait but across all of our markets, demonstrating leadership in every initiative we undertake.

Upholding Sound Governance Principles

NBK is deeply committed to upholding the highest ethical standards and sound governance principles. Our dynamic and proactive governance framework fosters transparency, accountability, and ethical conduct across all levels. The Board of Directors, in collaboration with the dedicated executive management team, prioritizes aligning strategic decisions with the Bank’s core values to effectively serve the interests of its shareholders.

The Ordinary General Assembly Meeting on March 23rd, 2024, reaffirmed our commitment to excellence. A key decision was approving the Board of Directors’ recommendation to distribute 25% cash dividends to shareholders for the second half of the financial year (25 fils per share), bringing total cash dividends for the year to 35 fils per share. The AGM also approved the issuance of 5% bonus shares (five shares for every one hundred shares), a testament to the Bank’s strong financial performance and a gesture of appreciation to its loyal shareholders.

Moreover, the Board of Directors recommended the distribution of 25 fils per share for the second half of 2024, bringing the total cash dividend distribution for the year 2024 to 35 fils per share, in addition to 5% bonus shares. That brings the cash payout ratio for the year to around 50% of the profits attributable.

Investing in Our People’s Well-Being and Development

NBK recognizes that our employees are our most valuable asset. We foster a high-performing and inclusive culture where our people can thrive. In 2024, we also invested in their professional development through robust training programs, equipping them with the skills to navigate the evolving financial landscape.

We have prioritized employee well-being with initiatives like reduced working hours on Thursdays and the introduction of a Well-being Leave. We have also launched a comprehensive Diversity, Equity, and Inclusion (DE&I) Strategy in December 2024, fostering equal opportunities across all levels of the Bank and promoting safe and secure working environments for all employees. Our commitment to employee well-being has been recognized with the Gold Award for “Excellence in Health and Wellbeing” from the prestigious Society for Human Resource Management (SHRM) at the SHRM MENA STAR Awards.

Driving Prosperity in Kuwait and Beyond

NBK has been a cornerstone of economic prosperity in Kuwait and the the markets we operate within. By strategically financing key infrastructure projects, supporting entrepreneurship, and fostering financial inclusion, we contribute significantly to the economic growth and development of Kuwait, aligning with the goals of Kuwait’s Vision 2035.

Likewise, through strategic expansion and a focus on customer needs, we are building a robust international presence that facilitates trade, investment, and broader economic growth across our network. This commitment to fostering economic progress reflects NBK’s dedication to creating a more prosperous future for all stakeholders.

Going Forward with a Collective Sense of Purpose

As we look towards 2025 and beyond, I am confident in our unwavering commitment to serving the interests of our stakeholders and ensuring the long-term success of our institution. Our strategic vision focuses on fostering sustainable growth through innovation, financial inclusion, and robust risk management. We will also work on enhancing our digital capabilities and leveraging technology and data analytics to ensure exceptional service and operational efficiency.

Aligned with Kuwait’s Vision 2035, NBK will continue financing transformative projects and nurturing strong relationships with regulators. We will maintain competitiveness domestically while pursuing international growth, expanding our wealth management services across the GCC and capitalizing on our strategic advantage in offering Islamic products and services through Boubyan Bank.

Our dedication to sustainability will be underscored by strong initiatives in sustainable finance and investments in environmentally responsible projects. As we navigate future challenges and opportunities, NBK is well-positioned to maintain its leadership in the financial sector, deliver value to our shareholders, and contribute to the broader community’s prosperity.

As we move forward, our shared values and collective sense of purpose will guide us. I look forward to another year of remarkable achievements and strategic advancements, built on the solid foundation of our strong partnership and your unwavering trust.

Hamad Mohamed Al-Bahar
Chairman