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Kuwait C. Bank’s profit soars in FY18/19

Kuwait C. Bank’s profit soars in FY18/19
A group of factors pushed up the bank’s profit

Mubasher: The Central Bank of Kuwait’s (CBK) profit jumped 88.22% year-on-year to KWD 212.13 million ($697.57 million) during the fiscal year 2018/2019, according to a statement released on Tuesday.

A group of factors pushed up the bank’s profit, including the increase in interests and investments revenue, which recorded KWD 257.16 million in FY18/19.

Meanwhile, expending on interests and commissions declined by 1.78% year-on-year to KWD 109,960 in the last fiscal year.

Other income surged 83.64% year-on-year to KWD 1.01 million in the year ended 31 March, the CBK’s data showed.

Moreover, operating income reached KWD 258.06 million in FY18/19, 64.88% up compared to the year before.