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ABK swings to KWD 7m loss in Q3

ABK swings to KWD 7m loss in Q3
The profit drop is due to higher provisions for credit losses
ABK
ABK
-0.39% 254.00 -1.00

Mubasher: Al Ahli Bank of Kuwait (ABK) has incurred net losses worth KWD 7.143 million ($23.57 million) during the third quarter of 2019, against net profits of KWD 7.94 million ($26.2 million) in the corresponding quarter in 2018.

During the first nine months of 2019, net profits totalled KWD 15.428 million, 43% down from KWD 27.058 million a year earlier, according to a bourse statement on Monday.

The bank ascribed the drop in profit to higher provisions for credit losses.

In addition, net operating profit was marginally up by 0.6% at KWD 79.185 million over the January-September period when compared to KWD 78.694 million in the prior-year period.

It is worth noting that during the first half of 2019, the bank saw higher profits by 18.1% at KWD 22.571 million from KWD 19.118 million in H1-18.