By: Waleed Abdelsalam
Kuwait - Mubasher: The total net profits of the banks listed on the Kuwait Stock Exchange (KSE) grew 2.3% in the second quarter of 2016, to KWD 219 million ($724.6 million) compared to KWD 214 million ($708 million) in the same period last year.
A total of 12 banks are listed on the banks sector of the KSE, and the National Bank of Kuwait (NBK) was the sector’s and the whole market’s biggest gainer this quarter, reporting a net profit of KWD 71.68 million with a 7.2% year-on-year increase.
On the other hand, Warba Bank recorded the lowest quarterly earnings with a 46.6% year-on-year decline in net profits to nearly KWD 127,000.
Commercial Bank of Kuwait (CBK) posted the highest retreat in profits in Q2-16, with approximately 63.9% decrease to KWD 3.74 million from KWD 10.35 million in Q2-15.
The banks sector’s profits amount to 51.36% of the total profits recorded by listed companies, followed by the telecomm sector with 13.9%, while the technology sector came in last with 0.57%.
The sector achieved a total of KWD 449 million ($1.48 billion) in net profits in the six-month period ended 30 June 2016, with a 1.65% year-on-year decline.
Translated by: Moslem Ali
