The financial results showedGulf Bank of KuwaitAccording to a statement to Kuwait Stock Exchangequarterly profits fell by 33 percent to reach 12 million dinars ($39.15 million) in the third quarter, compared to about 18 million dinars a year ago.
The bank said in a statement to the Kuwait Stock Exchange that its net profit in the first nine months of 2024 amounted to 40.2 million dinars, compared to 53.8 million dinars in the same period of the previous year, a decrease of 25 percent.
The statement attributed the decline in net profits in the first nine months on an annual basis to the increase in provisions and impairment losses amounting to 17.6 million dinars and operating expenses by 2.5 million dinars.
On the other hand, the bank explained that operating revenues increased by 5.9 million dinars in the same period.
