By: Mohammad Farouk
Kuwait – Mubasher: The banks sector of Kuwait Stock Exchange (KSE) reported an increase of 7% in profits during the third quarter of 2016 as compared to the same period a year ago.
The number of listed banks totals 12 of which profits recorded KWD 240.24 million ($792.69 million) in Q3-16, compared to KWD 224.41 million ($740.46 million) in Q3-15.
Over the first nine months of 2016, the banks registered profits worth about KWD 689.64 million ($2.28 billion) which is 1.2% higher from KWD 681.36 million ($2.25 billion) in the corresponding period in the prior year.
The National Bank of Kuwait (NBK) recorded the highest profits on the quarterly and nine-month level. NBK posted KWD 68.65 million in Q3-16, and KWD 219.26 million in the first nine months this year.
Meanwhile, Warba Bank registered the lowest level of earnings which reached about KWD 422,000 in Q3-16 and nearly KWD 877,000 over the nine months.
Ithmaar Bank succeeded in achieving profits during the third quarter after it posted losses in the same period a year ago. It is noteworthy that Ithmaar was the last bank to announce its financials on 10 November.
Boubyan Bank was the first to announce its financial statements on 13 October, posting KWD 10.72 million in Q3-16 and about KWD 29.63 million in the nine-month period.
Translated by: Ingy ElSafy
