Gulf Bank's financial statements showed a decline in profits for the first nine months of this year by 50.6% on an annual basis.
According to the bank's results for the Kuwaiti Stock Exchange, today, Tuesday, profits for the period amounted to 18.354 million dinars, compared to 37.129 million dinars for 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 was due to the decrease in operating income, higher provisions and lower value, which was partly offset by a decrease in operating expenses.
The bank explained that the effects of the Coronavirus (Covid 19) pandemic were reflected in the financial results for the nine-month period ending on September 30, 2019.
The bank achieved profits of 6.587 million dinars in the third quarter of this year, compared to a profit of 13.154 million dinars for the same period last year, a decrease of 49.9%. / p>
The total equity of the bank's shareholders for the period ending on September 30, 2020, amounted to 622.273 million dinars, a decrease of 2.5% compared to its value in the same period in 2019 of 638,089 dinars.
