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Kuwait’s banks likely to see 10% rise in H1-19 profits – Analyst

Kuwait’s banks likely to see 10% rise in H1-19 profits – Analyst
AUB Kuwait is forecast to have the lowest growth rate of 3.6% in profits
KIB
KIB
1.80% 170.00 3.00
GBK
GBK
0.00% 294.00 0.00
ALMUTAHED
ALMUTAHED
-0.35% 288.00 -1.00

KFH
KFH
-0.37% 800.00 -3.00
BOUBYAN
BOUBYAN
0.65% 620.00 4.00
ABK
ABK
-0.39% 254.00 -1.00

NBK
NBK
-0.41% 960.00 -4.00
CBK
CBK
1.39% 512.00 7.00

By: Mohamed Farouk

Mubasher: Ten Kuwaiti banks listed on Boursa Kuwait are expected to achieve an increase of 9.6% in profits during the first half of 2019, compared to the year earlier, capital market analyst Ahmed Jassim Al Qamr told Mubasher.

Al Qamr added that the estimated profits for Kuwait International Bank (KIB), Warba Bank, Ahli United Bank (AUB Kuwait), Burgan Bank, Boubyan Bank, the Gulf Bank of Kuwait (GBK), Kuwait Finance House (KFH), Al Ahli Bank of Kuwait (ABK), the National Bank of Kuwait (NBK), and the Commercial Bank of Kuwait (CBK) would reach KWD 499.2 million ($1.51 billion) by the end of the first half of 2019, versus KWD 455.39 million ($1.44 billion) in the same period of the prior year.

Warba Bank is expected to record the highest growth rate of 35% year-on-year in profits among the ten banks, the analyst further added.

On the other side, AUB Kuwait is forecast to have the lowest growth rate of 3.6% in the semi-annual profits this year to reach KWD 30 million, versus KWD 28.96 million in the prior-year period.

Moreover, Al Qamr estimated that the profits of three banks will shrink during the first half of this year when compared to the same period in 2018, noting that the CBK will record the highest decline of 67% in H1-19 profits.

 

Translated by: Nada ElKorashy