The Gulf Bank, which is traded on the Kuwait Stock Exchange, reported a net profit of 15.43 million dinars (49.87 million dollars) for the third quarter of this year, up 40.7% from the third quarter of last year’s net profit of 10.97 million dinars (35.46 million dollars).
In a statement released by the bank today, Wednesday, it was noted that the net profits for the year’s first nine months climbed by 66.3% to 45.72 million dinars from 27.
49 million dinars were spent in comparison starting in 2021.
According to the bank, the decrease in allocations and losses, which decreased in value by 16. 1 million dinars, and the increase in operational revenues of 6. 8 million dinars, which corresponded to an increase in operational expenses of 3. 8 million dinars, are what caused the increase in profits over the previous nine months.
By the end of the first nine months of the year, the bank’s assets had climbed by 11.5% to 7.055 billion dinars from 6.05 billion.
32 billion dinars were spent during the same time last year.
In the third quarter, Gulf Bank’s profits rose 41% to 15.43 million dinars.
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