Mubasher: Gulf Bank of Kuwait (GBK) achieved a growth of 10.5% in profits during the third quarter of 2017 compared to the same period in the previous year.
Earnings increased to KWD 13.38 million ($44.4 million) in Q3-17 compared to KWD 12.11 million ($40.2 million) in Q3-16, according to a bourse statement issued on Tuesday.
During the nine-month period, GBK posted an increase of 10.2% in profits to KWD 36.15 million compared to KWD 32.8 million in the first nine months of 2016.
The growth in profits is attributed to higher interest income which was partially offset by a rise in provisions and net recoveries, GBK said in the statement.
It is noteworthy that the bank registered a 10% rise in profits to KWD 22.76 million in the first half of 2017 compared to KWD 20.7 million in the same period a year ago.
At the opening of Tuesday’s session, GBK stock edged up 0.8% to reach 256 fils.
