Kuwait Credit Bank posts KD 72.5 mln net profits in 19-20′

Kuwait Credit Bank said on Saturday that it has achieved net profits of around KD 72.5 million (USD 239 million) in the 2019-20 fiscal year – an increase of KD 12.9 million dinars (USD 42.5 million dollars) from the previous year.

The state institution, which offers loans to nationals, said in a press release that since 2019-20, it steadily continued to achieve net profits for nine consecutive years.

“These financial figures and data clearly confirm the insight and prudence in the management of the portfolio in a balanced manner.” Revenues achieved last fiscal year amounted to around KD 110.7 million (USD 365 million) as the expenses were around KD 38 million (USD 125 million).

KCB added it is committed to the rules of financial governance and the application of the principles?? of disclosure, transparency, the preservation of public funds and the application of the rule of law

Source: Kuwait News Agency