NBK reveals 11 percent surge in profits, Commercial Bank of Kuwait witnesses decline
Date
7/29/2024 5:45:53 AM
(MENAFN) The National bank of Kuwait (NBK) has reported a notable increase in its net profits for the second quarter of this year, reflecting positive financial performance. According to the bank's financial results disclosed on Sunday, NBK's net profits rose by 11 percent in the second quarter, reaching 14.534 million dinars (approximately USD47.58 million), up from 13.128 million dinars in the same period last year. Furthermore, the bank's semi-annual net profits also saw a significant boost, with a 22 percent increase totaling 29.055 million dinars in the first half of 2024, compared to 23.908 million dinars during the first half of 2023, as reported on the Kuwait Stock Exchange website.
In contrast, the Commercial Bank of Kuwait reported a decrease in its net profits for the second quarter of 2024. The bank's profits dropped by 22.1 percent to 34.356 million dinars (about USD112.47 million) from 44.115 million dinars in the same quarter last year. For the first half of the year, the Commercial Bank of Kuwait's net profits amounted to 62.955 million dinars, marking a decline from 69.191 million dinars recorded in the first half of 2023. These contrasting financial outcomes highlight a period of growth for NBK while the Commercial Bank of Kuwait faces a decline in profitability.
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