Kuwait Finance House (KFH) recorded profits of 56.92 million dinars in the first half of this year compared to 107.67 million dinars in the same period in 2019, a decrease 47.1%.
The bank achieved profits of 44.28 million dinars in the first quarter of this year, compared to profits of about 51.6 million dinars for the same period in 2019, a decrease of 14.2%. < / p>
The bank’s profits declined 77.5% in the second quarter of this year, to 12.64 million dinars, compared to about 56.07 million dinars in the same period in 2019. < / p>
The bank said in a statement to the stock exchange that the growth rate for both total operating income and net operating income for the first half of this year amounted to 7% and 11.2%, respectively. Compared to the same period in the previous year.
However, the increase in provisions, depreciation and precautionary provisions charged to the income statement by 86.2%, mainly due to the negative repercussions of the spread of the Coronavirus (Covid 19) pandemic, has led To decrease the net profit for the period.
KFH explained that the Corona pandemic had an impact on the financial position, where a decrease of 23.46 million dinars was recorded in the fair value of investments at fair value through comprehensive income in half The first of 2020.
The decrease in the fair value included the effect of corona and other factors directly related to the invested entities, which cannot be identified separately.
(Fun Knowledge of Knowledge)
