The Profits Of 8 Banks Jump 67 Percent In 9 Months

The profits of 8 banks that announced their business results for the first nine months of this year jumped by about 67% (Burgan and Warba banks have not yet announced), bringing their total to about 574.99 million dinars, compared to 344.309 million in the same period last year, supported by a decrease in their allocations. Between the two periods, by 40.21 percent, from 700.05 million dinars to 418.57 million, or about 281.48 million dinars, and its total operating income increased by 3.06 percent from 1.813 billion dinars in the first nine months of last year to 1.868 billion in the same period of this year.This comes in light of the general economic sectors benefiting from the easing of restrictions related to the Corona virus with the decline of the pandemic, and the gradual return to normal life, which banks benefited from operationally and reduced their need to set aside provisions with the decline of their non-performing loans.

NBK achieved the highest profits among the eight banks, with profits amounting to 254.819 million dinars, which constituted 44.32% of the total profits of the eight banks in the first nine months of 2021, while KFH recorded profits of 168.087 million dinars, representing 29.23 percent of the total profits. Consequently, NBK and KFH jointly acquired about 73.6 percent of the banks’ total declared profits.

Most developed

While the profit growth of the eight banks during the first nine months of this year ranged between 17.1 and 567.3 percent compared to its results during the same period last year, KIB recorded the highest growth in profits (+567.3 percent), achieving 3.78 million dinars compared to 567. 7 thousand dinars in the corresponding period of 2020, followed by “Al-Ahly” with a growth of 365 percent, as it achieved profits of 21.05 million dinars in the first nine months of 2021, compared to losses of 7.9 million in the same period last year, while “Al-Tijari” came third. In the growth of profits (138.6 percent), recording 40.79 million dinars, compared to 17.1 million dinars in the first nine months of 2020.

Allowances and Revenues

With regard to provisions, the eight banks recorded a decrease in their provisions in the first nine months of this year, ranging between 3.1 and 54 percent compared to the same period last year. The highest was in the Commercial Bank (-54 percent), whose provisions decreased from 51.04 million dinars to 23.47 million, followed by “KFH” whose provisions decreased by 51.92 percent from 245.915 million dinars to 118,243 million, then “NBK” whose provisions decreased by 40.86 percent from 207.649 million dinars to 122.8 million.

Five of the eight banks achieved increases in their operating revenues during the first nine months of this year compared to the same period in 2020, led by “Boubyan” with a growth of 14 percent, then “Al-Ahly” with 12.7 percent, and “Gulf” with 7.9 percent. , and «NBK» by 7.7 percent, and «KIB» by 2 percent, while the operating revenues of three banks declined by rates ranging between 0.6 and 5.1 percent.

 

 

 

SOURCE  ALRAI

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