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Kuwaiti exchange companies’ profits down 4% in 9M

Kuwaiti exchange companies’ profits down 4% in 9M
Exchange companies registered profits of KWD 13.77 million by September

Mubasher: Foreign exchange companies in Kuwait saw a 4% decrease in net profits during the first nine months of the year, according to a statement by the Central Bank of Kuwait (CBK).

Exchange companies registered profits of KWD 13.77 million ($45.41 million) between the beginning of January and September 2019, compared with KWD 14.34 million ($47.29 million) for the same period last year.

The decline in profits was attributed to an increase in provisions by 80.61% to KWD 2.98 million, up from KWD 1.65 million in the nine-month period in 2018.

Administrative and banking costs also rose by 6% to KWD 27.72 million.

This comes despite overall growth in total revenues by 3.52% year-on-year (YoY) to KWD 45.89 in the first nine months of the year.

Moreover, CBK data showed a decrease in the number of exchange companies to 40, from 42 in the same period in 2018.

Assets amounted to KWD 205.1 million, increasing by 4.69% YoY.