Kuwait – 494 million dinars of bank profits in the first half of growth of 8.4%

• "NBK holds 42.3% of the profits of the sector, a growth of 6.4% of bank badets to 82.9 billion dinars

Alaa Majeed

Kuwaiti banks' profits jumped 8.4% in the first half of this year to 493.6 million dinars, compared to 455.3 million dinars made by the ten banks during the same period of the comparative year. .

Traditional banks accounted for 62.8% of the profits of the sector with 310.2 million KD, an annual growth of 7.6%, while Islamic banks accounted for 37.2% of the profits of the sector with 183.3 million KD and annual growth of 9.8%. The National Bank of Kuwait (NBK), the largest bank in terms of profits, amounted to 209.1 million KD, representing 42.3% of the sector in the first half of last year, followed by 107.6 million KD KD, accounting for 21.8% of profits. To 44.7 million dinars, representing 9% of the total profits of the sector. Ahli United Bank is ranked fourth with 30.7 million KD, representing 6.2% of the total profits of the sector and fifth with Boubyan Bank, with a profit of 28.8 million KD, representing 5.8% of total profit of the sector.

A profit jump

Commercial Banking achieved a strong increase in profits with an annual growth rate of 62.4%, followed by the largest increase followed by Bank of Warba (25%), Ahli Bank 18.1%, Kuwait Finance House at 13.1% and Boubyan at 12.1%. %.

In the second quarter of the three months from April 1 to the end of June, the National Bank of Kuwait (NBK) made a profit of KD 101.3 million, or 40.9% of the total in the second quarter of this year. Followed by Kuwait Finance House with 56.1 million KD, representing 22.6% of the total profits of the sector, followed by Burgan Bank, with 25.5 million KD, representing 10.3% of the total profits of the sector.

At the end of June, total badets of Kuwaiti banks amounted to 82.9 billion dinars (about 272 billion US dollars), a growth rate of 6.4 percent over 77.9 billion dinars. million dinars (about $ 256 million) at the end of June of last year.

NBK led the sector with $ 27.8 billion, accounting for 33.5% of total badets, followed by Kuwait Finance House (KFH) with $ 18.7 billion, Burgan Bank ($ 6.9 billion), Boubyan (4.8 billion USD) and 4.7 billion dollars.

Reduced provisions

In the first half of this year, provisions decreased by 14.2% to 326 million dinars against 380 million dinars for the same period of the previous year. .

Kuwait Finance House (KFH) issued 99.9 million KD (30.6% of the total), followed by the National Bank of 67.1 million KD (20.6% of the total), the Commercial Bank (48.1 million KD), 14.7% 30.5 million dinars, or 9.3% of the total sector.

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