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NBK Annual Report 2020 3 1 Strategic Review

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NBK Annual Report 2020 3 1 Strategic Review Maintaining Course Annual Report 2020 Maintaining Course HH Sheikh HH Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah Mishal Al-Ahmad Al-Jaber Al-Sabah Emir of the State of Kuwait Crown Prince of the State of Kuwait At a glance 97,996 57,722 4 96,524 54,584 Continents 51,124 90,447 7,179 2018 2019 2020 2018 2019 2020 Global Employees Total Assets (USD million) Loans, Advances and Islamic Financing (USD million) 56,403 1.72% 10,575 10,463 52,533 NPL Ratio 9,724 47,449 7.0% Return on Average 2018 2019 2020 2018 2019 2020 Equity Total Equity (USD million) Customer Deposits (USD million) 1,323 2,953 98.0 1,222 2,913 USD Billion Total 812 2,778 Assets 18.4% 2018 2019 2020 2018 2019 2020 Capital Adequacy Ratio Net Profit Attributable Net Operating Income (USD million) to Shareholders (USD million) About NBK Founded in Kuwait City in 1952, the Ownership 1. Consumer and private banking National Bank of Kuwait S.A.K.P. (‘NBK’ 2. Corporate banking or the ‘Bank’) is the country’s longest- Established by a group of leading Kuwaiti 3. Islamic banking (through subsidiary serving local bank – and the first merchants, NBK has retained its core Boubyan Bank) shareholding company in Kuwait and the shareholder base since inception. Its 4. Investment banking and asset Gulf Cooperation Council (‘GCC’). Over shares have been listed on the Kuwait management (through subsidiary NBK 68 years, NBK has established itself as Stock Exchange since 1984, with a Capital) Kuwait’s leading financial institution, single shareholder (the Public Institution extending its franchise across the Middle for Social Security) owning more than East and beyond, to global markets. 5% of the share capital (5.60% as at Today, NBK has more than 150 branches 31 December 2020). NBK’s market in 15 countries across 4 continents. capitalisation as at 31 December 2020 was USD 19.0 billion. The Bank has a reputation for experienced and stable management, Operations with a clear strategy for strengthening its core business and expanding into new With an international footprint, NBK’s segments and markets. It has consistently operational focus is on the Middle East achieved a highly competitive level of and North Africa (‘MENA’) region. The profitability, leading to robust shareholder Group also has a presence in China, returns, supported by high quality assets France, Singapore, Switzerland, Turkey, and a strong level of capitalisation. NBK the United Kingdom and the United offers customers a comprehensive range States. NBK’s main business Values of financial products and investment segments are: services, with solutions for individuals, corporates and financial institutions. NBK is Kuwait’s leading banking group in terms of assets, customer deposits, and Passion customer loans and advances. Mission Integrity Conservatism Knowledge To deliver world class products and the highest service quality to our customers Vision To attract, develop and retain the best banking talent in the region To support the communities in which we operate The trusted bank of To adhere to our core values of choice, building on our passion, integrity, conservatism and core values, people knowledge and expertise By doing so, we believe that we will be able to achieve consistently superior returns to our shareholders Contents 3 Financial Statements Board of Directors’ Report P 100 2 Independent Auditors’ Report Governance P 102 Consolidated Statement of Income P 107 Board of Directors Consolidated Statement P 30 of Comprehensive Income P 108 1 Executive Management P 34 Consolidated Statement Strategic Review of Financial Position Corporate Governance P 109 Framework P 42 Consolidated Statement of Cash Flows Board of Directors and P 110 Chairman’s Statement Committee Meetings P 04 P 45 Consolidated Statement of Changes in Equity Year-in-Review Effective Implementation of P 111 P 06 the Corporate Governance Notes to the Consolidated Group CEO’s Message Framework P 46 Financial Statements P 08 P 113 Maintaining Course Remuneration Policy and Framework P 10 P 51 Business Model Internal Control Adequacy P 12 Report Strategy P 52 P 14 Internal Control Review by Key Performance Indicators External Party P 16 P 53 Financial Review Ethics and Professional Maintaining P 18 Conduct P 54 Course Market Outlook Stakeholders’ Rights P 20 In a year when NBK, its stakeholders P 55 ESG and its markets faced unprecedented Group Risk Management P 26 challenges, the Bank has remained on P 56 track with its strategy, has not deviated from its course, and demonstrated an operating model that proved more than capable of overcoming the challenges faced. For more information about how NBK maintained its course in 2020, see p. 10. 1 Strategic Review The objective of our strategy is to achieve consistently superior returns for shareholders. The strategy is built on 3 cornerstones that guide the priorities we set for our business units and internal functions. They are to defend our leadership in core businesses, to grow outside the core, and to improve profitability. NBK Annual Report 2020 3 1 Strategic Review Chairman’s Statement Nasser Musaed Abdulla Al–Sayer Chairman of the Board of Directors On behalf of the Board of Directors, it is my pleasure to introduce the National Bank of Kuwait’s 2020 Annual Report. In the face of extraordinary market conditions, NBK’s performance came under significant pressure but held up well, clearly demonstrating the “NBK’s performance strength and resilience of our business model, and the positive impact that our digital strategy is having on results as our digital came under significant roadmap progresses. This was a year for ‘Maintaining Course’ – a concept that is described in more detail later in this report – as pressure but held up well, we continued to deliver on our commitment to stakeholders. We remain on track for future growth, and we are immensely grateful clearly demonstrating the to the customers and staff who have supported us through these strength and resilience of challenging times. our business model, and The world around us The year was dominated by the Covid-19 pandemic, and we the positive impact of our expect its impact to be endured well into 2021. All global economies were affected, and Kuwait and the Middle East were digital roadmap.” no exceptions. For the GCC, the impact was especially severe in light of a record-low oil price environment. Challenging policy choices now exist for the Gulf countries as they fight infection rates and look to shore up fiscal stability. Meanwhile, with the IMF expecting the global economy to shrink by 3.5% in 2020, and with benchmark interest rates likely to remain low for some time, the banking sector is in flux as it adjusts to a ‘new normal’ to safeguard profitability. In our domestic market of Kuwait, the economy is in a period of recovery from the effects of the pandemic on economic activity, and low oil prices remain a risk. We believe, non-oil growth could accelerate in 2021, but the pace could be impacted by the consolidation measures taken to reduce the increased budget deficit. NBK Annual Report 2020 The country’s short-term liquidity challenge Governance that serves our stakeholders should be readily overcome in the medium- and 20% long-term, but continued reform will become The Board of Directors performed its duties with Recommended more important for mitigating vulnerabilities and unwavering dedication, offering guidance and cash dividend to alleviating pressure on public finances. The local scrutiny to management as they steered the Group be distributed to banking sector remains well-capitalised with more- forward. NBK’s AGM and EGM were held in 7 March shareholders than-adequate liquidity ratios, thanks to a number 2020, at which there was a quorum of 77.86%. of forward-thinking directives introduced by the The meeting approved the Board of Directors’ Central Bank of Kuwait in the course of the year. recommendation to distribute a 35% cash dividend to shareholders (equivalent to 35 fils per share) and Demonstrating our strength to distribute 5% bonus shares (5 shares for every 100 shares owned). In the course of 2020, the Board More than Our strength as an institution was never more and Committees held a total of 55 meetings and apparent than in 2020. While the growth we might for the full-year period we have proposed a cash 150 have expected a year ago couldn’t be achieved, we dividend distribution of KD 137.0 million, equivalent branches proved that our solid foundations, built over a long to 20 fils per share and representing 55.6% of the history, are among our most important competitive Group’s Net Profit. The Board of Directors have also 15 advantages. Those foundations include our recommended the distribution of 5% bonus shares; countries global footprint at more than 150 locations in all of which are subject to AGM approval taking 15 countries on 4 continents, which experienced place in March 2021. limited disruption to services, even as we transitioned to remote working. The health of NBK The Board of Directors stands together in as a banking group was reaffirmed by our ratings implementing the highest standards of Corporate from Moody’s, Standard & Poor’s and Fitch, who Governance principles supported by well- have maintained the bank’s standalone ratings and established accountability processes for self- its stable outlook despite the downgrades Kuwait’s assessment and ongoing improvements. The sovereign ratings suffered. Corporate Governance practices of the Bank along with Executive Management role offer The Bank’s Sustainability profile also continues to the much needed reassurance to stakeholders improve. Our commitment to ESG issues focuses in these turbulent times.
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