Kuwaiti Banks Profits for 9M of 2009

Kuwaiti local banks have pocketed net profits of KD 361 million (around 1.3 billion U.S. dollars) in the first nine months of 2009.

That amount, although less than the figure of last year (KD 895 million), was considered positive when taken into consideration the global financial crisis.

The National Bank of Kuwait came in the lead with a net profit of KD 201.54 million (around 705.25 billion dollars) followed by the KFH (KD 106.38), Ahli Bank (KD 24.26), BKME (KD 15.12) and Burgan Bank (KD 13.51). The remaining - Commercial Bank, KIB, Gulf Bank and Boubyan - made losses. 

Oil-rich Kuwait is the fourth-largest exporter of the Organization of Petroleum Exporting Countries (OPEC) and sits atop ten percent of the world's proven oil reserves.

Years of skyrocketing oil prices before the advent of the global financial crisis last year brought huge revenues to the tiny emirate.

Article based on publication from Xinhua News Agency