By: Eman Ghaly

Kuwait – Mubasher: The banks sector listed on Boursa Kuwait reported a growth of 6% in profits during the first quarter of 2017 as compared to the same period in the prior year.

The twelve-bank segment posted profits worth about KWD 244.79 million ($803.57 million) in Q1-17, compared with KWD 230.9 million ($757.97 million) in Q1-16, according to the latest data issued on the stock market’s website.

NBK recorded the largest profits of KWD 85.36 million in Q1-17, acquiring 34.9% of the sector’s overall earnings, while Ithmaar posted the lowest profit of KWD 175,000 or 0.07% of the sector’s value.

The highest growth in profits was registered by Warba Bank which posted a leap of 296.3% to KWD 1.3 million in Q1-17 from KWD 328,000 in Q1-16. Meanwhile, AUB Kuwait reported the lowest rise of 2.6% in profits to KWD 16 million from KWD 15.59 million in Q1-16.

The banks sector did not register losses in Q1-17.