Kuwaiti banks reveal robust profit growth in Q2
Date
7/18/2024 5:46:18 AM
(MENAFN) Kuwait's Boubyan bank and the National Bank of Kuwait have both announced robust financial results for the second quarter of 2024, underscoring their solid performance amidst economic conditions.
Boubyan Bank revealed a notable 19 percent increase in net profits for the second quarter, reporting a net profit of 24.618 million dinars (USD80.55 million) compared to 20.66 million dinars in the same period last year. The bank further disclosed that its semi-annual net profit for the first half of the year reached 49.61 million dinars, up from 41.273 million dinars in the previous year's corresponding period.
Similarly, the National Bank of Kuwait reported a 3.3 percent year-on-year rise in net profits for the second quarter, achieving 145.844 million dinars (USD477.19 million) compared to 141.144 million dinars in the second quarter of 2023. The bank's semi-annual net profit amounted to 292.425 million dinars for the first half of 2024, marking an increase from 275.347 million dinars in the first half of the previous year.
Both banks affirmed their strong financial health and commitment to shareholder returns, with Boubyan Bank stating its earnings on the Kuwait Stock Exchange and announcing a semi-annual cash dividend of ten fils per share for the first half of 2024. The National Bank of Kuwait, in its statement to the exchange, also emphasized its stable financial performance and strategic dividend distribution policy amidst ongoing economic dynamics in Kuwait and globally.
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