NBK is the only GCC and Arab financial institution to be ranked twice among the world’s top fifty safest banks in the world, according to the updated list published by Global Finance.
NBK moved up six places to the 38th rank in the list surpassing the likes of JP Morgan, UBS, Soceiete Generale and Credit Suisse.
The “World’s 50 Safest Banks” 2009 were selected through a comparison of the long-term credit ratings and total assets of the 500 largest banks around the world. Ratings from Moody’s, Standard & Poor’s and Fitch were used.
“For NBK to make it to the 'top 50 safest banks in the world’ list two consecutive times confirms the Bank’s strong financial position and the prudent approach it has adopted over the years.
NBK has a wide range of services and products accommodating its wide and diverse client base. We will continue to serve our clients keeping their best interest in mind,” said an NBK spokesperson.
NBK is the largest bank in the State of Kuwait. The bank reported strong performance in the first half of 2009 as net profits came in at US$439 million (KWD126 million).
Total consolidated assets reached US$42.2 billion as of June 30 2009, while shareholders equity stood at US$5.6 billion. The bank has a consistent track record of leading domestic market share as well as a cross border expansionary strategy that has proven successful in recent years.
With bank stability still high on corporate and investor agendas, Global Finance publishes its 18th annual list of the world’s safest banks. After two tumultuous years that saw many of the world’s most respected banks drop out of the top-50 safest banks list, the dust appears to be settling.
Those banks that kept an iron grip on their risk exposure before the financial crisis blew up have consistently topped the table and maintain their standing among the top echelon in this year’s ranking. At the same time, the big name banks that lost their safest bank ranking during the credit crunch are still absent from the list as they struggle to rebuild their credit standing.
Global Finance has published its “World’s Safest Banks” listing for 18 years and this ranking has become a recognized and trusted standard of creditworthiness for the entire financial world. “It’s been a bumpy two years for the rating agencies and many of the banks they evaluate,” says Global Finance publisher Joseph D. Giarraputo. “More than ever customers all around the world are viewing long term creditworthiness as the key feature of the banks with which they do business.”