Kuwaiti banks

Kuwaiti banks – Earnings report Q2’2021

All major Kuwaiti banks reported their financial results for the second quarter of 2021. The Kuwait banking sector reported a healthy growth in net income after taxes for Q2’21 compared to that of Q2’20, mainly due to the reduction in provisions and impairment charges for bad loans that were recorded in the prior quarters due to higher expected credit losses. Due to historically low interest rates and increased provision for bad debts, profitability of the Kuwait banking sector was impacted...

Kuwaiti banks – Earnings report 2020

All major Kuwaiti banks reported their financial results for the fourth quarter of 2020 and that of the whole year. As expected, all the banks reported a reduction in net profits for 2020 compared to that of 2019 mainly due to the increase in provisions and impairment charges for bad loans caused by COVID-19’s disruption to the economy. Exhibit 1: Earnings scorecard - Kuwaiti banks Source: Boursa Kuwait, Refinitiv, Corporate Disclosures Kuwaiti Banks continue to clean up their balance sheets...