Mubasher: The financial statements of Kuwait International Bank (KIB) showed a 9.1% annual drop in the profits attributed to the owners of the parent at KWD 3.193 million ($10.54 million) during the third quarter (Q3) of 2019, compared to KWD 3.513 million ($11.6 million) in the same quarter in 2018.
Over the first nine months of 2019, the bank generated profits attributed to the owners of the parent worth KWD 12.799 million, down from KWD 15.48 million a year earlier, posting a 17.3% year-on-year (YoY) decrease.
The lowered profits are primarily due to higher operating expenses and provisions, according to a bourse filing on Sunday.
It is worth noting that during the January-June period in 2019, the bank saw a 19.7% YoY retreat in profit to KWD 9.61 million.
