Kuwait – Mubasher: Al Ahli Bank of Kuwait (ABK) posted a 35.9% decline in profits of the second quarter of 2016 as compared to the same period in 2015.
ABK’s earnings increased to KWD 7.3 million ($24.1 million) in Q2-16 compared with KWD 11.38 million ($37.56 million) in Q2-15, the bank said in a statement issued on Thursday.
During the first half of the year, profits stood at KWD 15.05 million, 26.4% down from KWD 20.44 million in the corresponding period of 2015.
Operating revenues amounted to KWD 37.47 million in Q2-16 as compared to KWD 31.64 million in Q2-15; a growth of 18.4%.
The fall of Q2 profits resulted from higher provisions that reflected the current fluctuations of the market.
