National Bank of Kuwait SAKP (NBK) investor relations material

Executive summary

• 9M 2026 net profit attributable to shareholders was KD 481.663m, up 3.1% YoY; total profit for the period was KD 515.145m, versus KD 498.422m in 9M 2025.

• Net operating income rose 3.8% to KD 1,005.732m; assets reached KD 46.918bn, customer deposits KD 27.897bn and customer financing KD 28.193bn at September 2026.

• Q3 net profit was KD 156.9m, up 3.1% YoY but down from KD 189m in Q2; quarterly net operating income was KD 344m.

• Diversified operations, business-volume growth and non-interest income supported results, while lower benchmark rates and higher funding spreads pressured margins.

Financial highlights

• 9M net interest and Islamic financing income was KD 754.337m, up from KD 748.902m; non-interest income rose 14.2% to KD 251.395m, including fees and commissions of KD 181.6m, up 11.9%.

• Operating expenses rose 4.3% to KD 380.269m; operating surplus was KD 625.463m, up 3.5%, and profit before tax was KD 601.499m.

• Credit and impairment provisions increased to KD 23.964m from KD 11.858m; taxation was KD 86.354m, down from KD 94.111m.

• Total comprehensive income fell to KD 449.270m from KD 572.230m, reflecting other comprehensive loss of KD 65.875m versus income of KD 73.808m.

• Basic EPS was 49 fils for 9M and 16 fils for Q3, unchanged YoY; prior-year EPS was adjusted for 2026 bonus shares.

Outlook and guidance

• 2026 loan growth guidance remains mid-to-high single digits; full-year NIM is expected to remain under pressure versus 2025.

• Full-year expense growth is expected toward the mid-single digits, with cost-to-income below 40%; 9M recoveries are expected to benefit full-year provisions, and reported 2026 cost of risk is expected to be materially below normalized levels near 40 bps.

• Earnings and capital guidance was withheld amid uncertainty; capital adequacy is expected to remain above regulatory minimums and in line with internal targets.

• Strategic priorities include defending Kuwait leadership, expanding wealth management and international presence, advancing digital banking and growing the Islamic franchise; plans include Egypt market-share growth and European mortgage expansion.

• Kuwait real GDP is forecast at -16.2% in 2026 and 18.5% in 2027; non-oil GDP is forecast at -2.0% and 5.1%, respectively.