Mubasher: The financial statements of Gulf Bank of Kuwait (GBK) showed a 17.1% year-on-year decline in profits during the third quarter of 2019.
The profits decreased to KWD 13.154 million during Q3-19 when compared to KWD 15.866 million in the corresponding quarter in 2018, according to a filing to Boursa Kuwait on Wednesday.
During the first nine-month period of 2019, GBK achieved KWD 37.129 million, compared to KWD 42.680 million in the corresponding period in 2018, with a 13% year-on-year drop.
Earnings per share (EPS) dropped by 12.9% to 12.8 fils during the period from January to September 2019 when compared to 14.7 fils in the same period a year earlier.
GBK ascribed the drop in profit to lower operating revenue and higher operating expenses which the bank has partially offset by lower provisions and losses impairment.
It is worth pinpointing that over the first half of 2019, GBK logged profits worth KWD 23.98 million, down 10.6% from KWD 26.81 million in H1-18.
