The past year was particularly notable for Bank of Bahrain and Kuwait (BBK), distinguished by a series of achievements. Further progress was made to implement new technology, accompanied by several other initiatives of significant importance.
BBK again maintained its record of increasing profitability. Net profit growth of 12.4 percent followed an increase of 14.4 percent in 2018, a singular achievement in the circumstances. Compound annual growth over the past five years stands at 7.2 percent, reinforcing our position as market leaders in Bahrain and as one of the most consistently successful listed companies in the region.
I take this opportunity to extend our appreciation to His Majesty King Hamad bin Isa Al Khalifa, the King of the Kingdom of Bahrain, and His Highness Sheikh Sabah Al Ahmad Al Sabah, the Amir of the State of Kuwait. I also extend thanks to their respective governments and regulatory authorities for their guidance during the year.
I thank the Board of Directors and all stakeholders for their support during 2019. As we enter the second year of our 2019-21 strategic cycle, their expertise will continue to be a prime asset as we strive to realise our vision for sustained and sustainable growth.