Complex Made Simple

Kuwaiti banks’ profits up by 12.9 per cent in nine months

Data indicates sector continues to post good results with no banking entity in the red

Kuwait’s listed banks saw their aggregate profits rising by 12.9 per cent during the first nine months of the current year to KWD554.1 million.

The third quarter’s profits of listed banks expanded by 11.9 per cent to KWD182.9m, according to figures published by Al Rai newspaper.

The National Bank of Kuwait accounted for the largest chunk of listed banks’ nine-month earnings at 41 per cent followed by Kuwait Finance House (19 per cent) and Burgan Bank accounting for 11 per cent of aggregate profits.

The data indicates that the local banking sector continues to post good results with no bank in the red.

The business environment looks very positive for the banking sector, in light of sustained growth of more than three percent in non-oil sectors and strong government spending on infrastructure projects.

Prospective projects that local banks may invest in include an environmental fuel project, the NG import facilities venture and the fourth refinery project.

All of these projects bode well for the banking sector in terms of near and medium-term growth.