Bank profits increased by 4.6% during the first nine months of this year, reaching about KWD 1.24 billion compared to KWD 1.19 billion in the same period last year. The National Bank and KFH accounted for 75.5% of the total profits, amounting to KWD 939.9 million.
The National Bank achieved a 6% increase in its profits to reach about KWD 457 million, while KFH’s profits increased by 4.6%, to reach about KWD 482.92 million.
The increase in NBK’s profits is mainly due to the increase in net operating revenues, which grew by 7.8% to reach KWD 931 million, while the decrease in credit losses and impairment losses, which was partially offset by an increase in operating expenses and taxes.
As for KFH, the increase in the revenues of the group’s main activities during the period contributed to the increase in profits, and total operating revenues increased by 6.9%, including an increase in net financing revenues by 17%.
KIB recorded the highest growth of 138.1%, with profits reaching around KWD 16.2 million, compared to KWD 6.8 million in the same period last year.
On other hand, Boubyan Bank came in second place in terms of growth, achieving a 20% increase, with profits reaching around KWD 73.5 million, compared to KWD 61.1 million, in the same period last year.
Asset Growth
As for assets, the first nine months of this year witnessed an increase of 4.6%, reaching KWD 119.9 billion, compared to KWD 114.6 billion last year, and the assets of the National Bank and KFH accounted for 62.9%, of the total assets of banks, amounting to KWD 75.4 billion.
The assets of the National Bank of Kuwait also increased by 13%, reaching about KWD 7 billion, compared to KWD 6.2 billion in the previous year.
Whereas, the assets of the Commercial Bank came in second place in terms of growth, increasing by 12.7%, reaching about KWD 4.6 billion, compared to KWD 4 billion in the same period last year.
As for banks’ liabilities, they grew by 4.5% to reach about 103.5 billion dinars, compared to 99 billion dinars in the previous year.
The increase in operating revenues also contributed to the increase in net profits for several banks, which amounted to about 3 billion dinars, during the first nine months of this year, compared to 2.8 billion dinars, an increase of 7.7%.
Operating Profit
In contrast, the operating profits of the nine banks, increased by 4.6%, reaching 1.8 billion dinars, compared to 1.7 billion dinars, for the same period of the previous year.
399.6 million dinars Third Quarter Profits
The third quarter brought good profits to the banks, as they constituted 32% of the total profits of the banks during the first nine months of this year.
The banks achieved about 399.6 million dinars, a growth of 5.9% over the same period last year, which amounted to about 377.3 million dinars.
The National Bank of Kuwait led with 164.59 million dinars, or 41.9%, followed by KFH in second place with 141.7 million dinars, or 35.4%.
