By: Mohamad Farouk

Mubasher: The income statements of eleven banks in Kuwait showed an increase of 18.6% in profits during the third quarter of 2018 compared to the same period in the prior year.

Earnings grew to KWD 301.5 million ($994.9 million) in Q3-18 compared to KWD 254.2 million ($838.8 million) in Q3-17, according to Mubasher’s latest data.

The National Bank of Kuwait (NBK) recorded the highest profit of KWD 86.54 million in Q3-18, a year-on-year increase of 17.5%.

Meanwhile, Warba Bank posted the lowest net income of KWD 3.48 million in three months, a 52% year-on-year rise.

During the first nine months of 2018, the eleven banks in Kuwait recorded a growth of 17.4% in profits to KWD 865.07 million when compared to KWD 736.85 million in the same nine months last year.

NBK posted the highest income of KWD 272 million in nine months with a year-on-year increase of 14.3%, followed by Kuwait Finance House (KFH) which registered a rise of 22.7% to KWD 169.1 million.

In the nine-month period in 2018, Warba Bank was the lowest in terms of profits with a total of KWD 8.68 million.

The banking sector has been always the main boost for Boursa Kuwait, as the increase in profits may regain investor sentiments, capital market analyst Mohamad Seddiky told Mubasher.

The increase in net revenue and return, as well as the growth in finance portfolios, has contributed to improving the operating performance, the analyst added.