National Bank of Kuwait's Q3 net profit drops 38% on bad debt provisioning

Credit: REUTERS/JAMAL SAIDI

National Bank of Kuwait, the country's biggest lender, on Monday reported a 38% drop in third-quarter net profit, hit by higher provisioning for bad debt and the slowdown caused by the coronavirus pandemic.

DUBAI, Oct 26 (Reuters) - National Bank of Kuwait NBKK.KW, the country's biggest lender, on Monday reported a 38% drop in third-quarter net profit, hit by higher provisioning for bad debt and the slowdown caused by the coronavirus pandemic.

NBK's posted a net profit of 57.6 million dinar ($188.54 million) for the period ended September 30, down from 93.1 million dinars in the same period a year earlier.

The International Monetary Fund expects Kuwait's economy to contract by 8.1% this year, as it warned the economic outlook was worsening for many emerging markets amid the coronavirus crisis.

($1 = 0.3055 Kuwaiti dinars)

(Reporting by Saeed Azhar; Editing by Sam Holmes)

((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More