The CEO of the National Bank of Kuwait Group, Issam Al-Sager, said the growth and strong financial performance that the bank achieved at the level of all business sectors during 2021 was the main factor for the improvement of its net profits.
On the sidelines of the Analysts Conference for the results of the year 2021, Al-Sager stressed the success of the “NBK” in achieving its strategic goals, is the bank’s commitment to the implementation of work schedules in all circumstances, despite the continued uncertainty resulting from the repercussions of the pandemic, reports Al-Rai daily.
He said: “The digital transformation map is our top strategic agenda, and we have laid the foundation for our future growth by launching Weyay as the first digital bank in Kuwait, through which we seek to attract the youth segment to better meet their needs.”
Al-Sager explained that the Kuwaiti economy recovered at a moderate pace during 2021 thanks to the increase in consumer spending, the improvement in the pace of commercial activity, the gradual return to government spending levels, and the awarding of projects worth about 1.5 billion dinars.
Al-Sager added: “We see promising prospects for the operating environment in Kuwait during 2022, and our view is positive with regard to the opportunities that will appear, in light of the high vaccination rates, which would support the morale of the business sector and contribute positively to economic growth, while enhancing the recovery of oil prices from our positive outlook as a result of the improvement in the financial conditions of the state.”
Al-Sager pointed to the strengthening of the continued state of stability in the political scene and recovery from the pandemic, from estimates of the momentum of project activities, the value of which may reach about 3 billion dinars during the year 2022.
Al-Sager stated that sustainability has become a comprehensive approach for the bank, the standards of which are integrated into all its strategies and operational operations, as NBK continues its proactive approach in adopting environmental, social, and institutional governance practices and integrating them in all its commercial activities and operational operations.
Regarding the public debt law, Al-Sager said: “We still believe that the law will eventually be issued with the government’s commitment to move forward in increasing investment spending to achieve long-term economic development plans.”
Al-Sager pointed out that given the budget deficit only, the pressures on the government have decreased now as a result of the recent rise in oil prices, but the deficit will continue and the government will have no choice but to seek to pass the law, adding that there is a kind of consensus between Parliament and the government, which would lead Assists in the dialogue for the purpose of passing the law.
Al-Sager said that passing the mortgage law is necessary, as the time has come to approve it in light of the state’s commitment to providing residential homes in Kuwait, especially for young people who constitute more than 60 percent of the total population.
