Mubasher: The Kuwaiti bank KIB achieved a profit of KWD 3.39 million ($11.17 million) during the second quarter of 2019, 20.6% lower than KWD 4.27 million ($14.07 million) registered in the corresponding period a year ago.

During the first six months of 2019, KIB posted a decline of 19.7% in profits to KWD 9.61 million from KWD 11.97 million in the same half last year, according to a bourse statement on Thursday.

KIB ascribed the decrease in H1-19 profits to higher operating expenses and provisions, in addition to a marginal increase in operating revenues.

It is worth noting that during the first quarter of 20109, KIB registered a growth of 20% in profits to KWD 6.21 million from KWD 7.7 million in Q1-18.