KUWAIT, June 6 (KUNA) -- Kuwaiti banks posted net profits of KD 128 million (USD 439.7 million) in the first quarter of this year following the deduction of KD 129 million (USD 443.2 million) in general and special provisions versus loan balances , according to a recent economic report.
Accordingly, bank profits hit KD 257 million (USD 883.0 million) before the deduction of provisions, which made up 50 percent of the total, showed the report, released by Kuwait's Al-Juman Centre for Economic Consultations.
The deduction of provisions was one percent lower than profits in the first quarter at the National Bank of Kuwait (NBK), largely chased by Al-Ahli Bank of Kuwait by 15 percent, Boubyan Bank and Kuwait Finance House (KFH) by 42 percent and 47 percent respectively, the report said.
The highest percentage went to the Commercial Bank of Kuwait by 106 percent, followed by Gulf Bank by 99 percent, Kuwait International Bank and Burgan Bank by 84.9 percent, and United Bank by 64 percent, it said.
The balances of provisions were directly taken out of the financial rolls of some banks for the first quarter of 2010, while those of other banks were inferred, thus casting doubts on reliability and accuracy, even by narrow margin, the report added. - Kuna