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Banks profits decline by 53.3%

KUWAIT CITY, Feb 22: The profits of ten local banks decreased during 2020 by KD 523.4 million, which is by about 53.3 percent, to reach KD 457.3 million, compared to KD 980.7 million in 2019.

This is the result of the negative repercussions of the COVID-19 pandemic on the local economy and the banking sector, especially after the banks postponed the collection of consumer and housing loan installments and credit card payments for a period of six months.

The National Bank of Kuwait topped the list of banks with highest profits during 2020 with a net profit of KD 246.34 million. However, this is a decrease of 38.6 percent, which is KD 155 million in value, compared to its profits in the year 2019. In second place is Kuwait Finance House with profit of KD 148.4 million, which is a decrease of 40.8 percent or KD 102.6 million.

By Ahmad Fathi Al-Seyassah Staff

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