Economic Update
The Kuwaiti Commercial Bank reported a substantial net profit of 68.675 million dinars (approximately 222.57 million dollars) for the fourth quarter of 2024. This marks a significant increase of 471 percent from the net profit of 12.011 million dinars recorded in the same quarter of 2023.
According to the bank’s announcement to the Kuwaiti Stock Exchange, the total annual net profit for 2024 reached 157.195 million dinars, compared to 111.15 million dinars in the previous year.
The bank attributed this growth in annual profits to several key factors, including an increase in the recovery of loan losses following a successful judicial ruling. Additionally, the bank experienced growth in net interest revenues and fee income, which helped to offset rising operational expenses.
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