Kuwait Credit Bank records KD 72.5m profit in 2019/20

KUWAIT CITY, Sept 13, (KUNA): Kuwait Credit Bank said on Saturday that it has achieved net profits of around KD 72.5 million ($239 million) in the 2019-20 fiscal year – an increase of KD 12.9 million dinars ($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 ($365 million) as the expenses were around KD 38 million ($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.