The financial statements of Boubyan Bank of Kuwait showed a decrease in the bank's profits during the first nine months of this year by 48.6% compared to the profits of the same period last year.
According to the bank's results for the Kuwaiti Stock Exchange, today, Monday, profits for the period amounted to 23.242 million dinars, compared to 45.229 million dinars in the first nine months of 2019. >
The bank said in a statement to the Stock Exchange that the decline in profits during the comparison periods is mainly due to the increase in the provision for impairment of the value of 27.75 million dinars, and the decrease in the net income of fees and commissions by 3.09 Million dinars.
The bank also explained that the remaining items of operating income increased during the comparison periods by 16.91 million dinars, which was generally offset by an increase in operating expenses of 8.79 million dinars.
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The bank achieved profits of 6.1 million dinars in the third quarter of this year, compared to profits of 16.36 million dinars for the same period in 2019, a decrease of 62.7%.
