|10 October, 2019

NBK’s profits rise 8% in Q3 2019

National Bank of Kuwait (NBK) showed a 7.6% year-on-year (YoY) increase in profits during the third quarter of 2019.

National bank of Kuwait logo, NBK logo.

National bank of Kuwait logo, NBK logo.

National bank of Kuwait
Mubasher: The financial statements of the National Bank of Kuwait (NBK) showed a 7.6% year-on-year (YoY) increase in profits during the third quarter of 2019.

The profits amounted to KWD 93.08 million ($306.8 million) during Q3-19 when compared to KWD 86.54 million ($285.2 million) in Q3-18, the bank said in a filing to Boursa Kuwait on Thursday.

During the nine-month period of 2019, the bank logged 10.9% YoY higher profit at KWD 302.17 million, compared to KWD 272.4 million in the corresponding period in 2018.

The NBK attributed the profit hike to higher non-interest income, and lower provisions for credit losses and impairment losses.

It is worth mentioning that during the first half of 2019, the bank posted 12.5% higher profits to KWD 209.09 million from 185.86 million during H1-18.

Source: Mubasher

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