By: Mohamad Farouk
Mubasher: A total profit of KWD 613.9 million ($2 billion) is expected to be recorded by six Kuwaiti banks in the first nine months of 2018, capital market Mohamad Manea Al Ajami told Mubasher.
The six banks are forecast to register an 18% increase in earnings in the nine-month period ended on 30 September 2018 compared to the same period last year when the banks posted a total of KWD 184 million, Al Ajami added.
He noted that the banks are the National Bank of Kuwait (NBK), Kuwait Finance House (KFH), Burgan Bank, the Gulf Bank of Kuwait (GBK), AUB Kuwait, and KIB.
The largest profits are foreseen to be recorded by the NBK with more than KWD 276 million compared to KWD 85.9 million in the nine months of 2017, Al Ajami said.
KFH is expected to follow the NBK with earnings rising 19.3% to KWD 164.5 million compared to KWD 49.4 million in the same period a year ago.
Al Ajami expected KIB to register the lowest profits of KWD 15.5 million with a rise of 15% year-on-year.
It is noteworthy that the banking sector in Kuwait includes twelve banks of which ten are local and two, namely Ithmaar and AUB, were founded in Bahrain.
