Mubasher: The National Bank of Kuwait (NBK) registered total provisions and impairment losses of KWD 145.4 million ($480.3 million) in the first nine months of fiscal year 2018, NBK Group's chief financial officer (CFO) Jim Murphy said, according to a statement on Tuesday.
Murphy added that this amount includes KWD 136.9 million as insurance provision in addition to KWD 8.5 million impairment losses from an associate or a subsidiary.
In the third quarter of 2018, provisions and impairment losses of NBK totalled KWD 51.5 million, compared to KWD 51.6 million in the second quarter and KWD 60.5 million in the third quarter of 2017, the CFO added.
During the first nine months of 2018, NBK achieved an increase of 14.3% in profits to KWD 272.4 million compared to KWD 238.4 million in the same period a year ago.
