Nine banks in Kuwait provided a statement of their total operating revenues for the first half of this year which totaled to approximately KWD 1.44 billion. Commercial Bank has not yet announced their operating income for the first six months of 2022. According to the statement, there has been a 7.77 percent drop-off in the allocations of these banks, a total of KWD 103.84 million increase in their operating income, compared to the total revenues in the corresponding period from last year, which was approximately KWD 1.337 billion.
The increase in the generated operating income in the first half of the year in seven banks has a rate ranging between 0.04 and 14.4 percent compared to 2021, and decreased in two banks by 1 and 8.6 percent.
On the top of the list is the National Bank of Kuwait, with KWD 480.157 million operating income, followed by Kuwait Finance House, with KWD 457.731 million, and Burgan Bank falling behind with KWD 110.376 million. KFH amassed a record in operating revenues by about 14.4 percent, from KWD 400.055 million in the first half of last year to 457.731 million in the same period of this year. Al-Ahli Bank followed through after increasing from last year by about 14% from KWD 75.806 million to KWD 86.294 million dinars. Running in third place is Boubyan Bank which generated a total of KWD 102.26 million, a 10% growth from last year’s KWD 92.646 million.
The nine banks’ total provisions sum up to approximately KWD 162.758 million in the first six months this year, indicating a decrease of about 187.08 million, or 53.476 percent, compared to last year which totaled to KWD 349.838 million. Despite the banks’ provisions sloping down between 1.5 and 78.35 percent compared to the allocated provisions set in 2021, with the largest from NBK which fell from KWD 97,206 million to 21.044 million (-78.35 percent), followed by Burgan Bank, with a decrease of 72.16 percent from KWD 39.107 million in the first half last year to 10,887 million this year. KFH runs third with a 49.72% decrease in its allocations from KWD 89.975 million to KWD 45.24 million this year.
For the first half of 2022, the total net profit of the nine banks took a growth of 42 percent overhead compared to last year, summing up to KWD 520,235 million.
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