27.87 billion Dinara, the Bank's assets grow 3.4% annually
Al-Shall said in its report that the National Bank of Kuwait announced its results for the first half of 2019. The net profit of the bank after tax was BGN 220.44 million, an increase of BGN 23.70 million. Or 12%. In the first half of 2018, 196.74 million Dinars were achieved.
The net profit of its shareholders reached 209.09 million crowns, compared to 185.86 million crowns. For the same period last year, an increase of 23.24 million Kc, the increase in the Bank's profitability was due to a decrease in total provisions by 28.5% or 26.81 million, offsetting an increase in total operating expenses revenue below the increase in total operating costs.
Specifically, net operating income increased by 9,70 million KD, or 2,2% to Kc451,88 million, compared to Kc442,18 million for the same period of the previous year.
The increase in interest income (excluding income from Islamic funding) was 67.75 million crowns, with interest expense (excluding Murabaha) increasing by 59.66 million crowns.
The Bank reported net income from Islamic finance at 60.33 million crowns, compared with $ 60.83 million in the same period last year, raising net interest income (both conventional and Islamic) to 344.39 million . Compared to 336.81 million cr. Millions of dinars, or 2.3%. Net fees and commissions increased by 2.24 million Dinara to 78.70 million Dinara compared to 76.46 million Dinara.
The total operating costs of the Bank increased by more than the total operating income by 10.73 million cubic meters. Or 7.9%, reaching 145.83 million crowns.
The ratio of total costs to total revenue is about 32.3% compared to 30.6%. Assuming that Boubyan Bank's combination of operating results will be offset, operating expenses will increase from 106.84 million to KD 117.17 million, or 9.7 percent.
Total provisions amounted to 67.13 million crowns, down by 26.81 million crowns, or 28.5%, compared with 93.93 million crowns.
The Bank's financial reports show that total assets have increased by 1.6 billion to 312.6 million. Compared to the end of 2018 to 27.870 billion Kc, an increase of 928.7 million Kc. Or 3.4% The total amount at the end of the first half of 2018 when it reached about 26.942 billion Dinara, excluding the effect of the consolidation of the results of Boubyan Bank, increased by 1.3%.
The total amount of loans and advances to customers representing the largest contribution to the Bank's assets amounted to 712.8 million KD, 4.6% to Kc 16.216 billion (58.2% of assets) against 15.503 billion KD. Of the total assets, by the end of 2018 it increased by about BGN 988.7 million. Or 6.5% compared to the end of the first half of 2018, when it reached 15.228 billion. (56.5% of total assets). Excluding the impact of consolidating the results of Boubyan Bank in Islamic finances, About 4.8%.
The NPL of the total loan portfolio was 1.4% at the end of June 2019, the same 1.4% at the end of 2018, and its coverage decreased to 234% from 254%.
The data show that the Bank's liabilities (excluding equity) increased by BGN 367.7 million. Or 1.5%, reaching $ 24.094 billion. Compared to the total amount at the end of the first half of last year, excluding the effect of the consolidation of Boubyan Bank's results, the growth was 1.1% and the ratio of total liabilities to total assets was about 86.5% compared to 86.9%.
The results of the analysis of the financial statements, calculated on an annual basis, show that all the Bank's yield indices have increased compared to the same period in 2018.
ROA rose to 1.6% vs. 1.5% and ROE rose to 13.2% from 12.3%. percent.
The return on equity (ROC) also rose to 69.2% from 64.9%. Earnings per share (EPS) increased by 31 films, compared with 28 films at the end of the corresponding period in 2018.
The P / E ratio is 15.8 times higher than 13.4 times as a result of an increase in the market price by 30.4% compared to an EPS increase of 10.7% compared to its price level. On June 30, 2018, the P / B index was about 1.7 times, compared to 1.3 times.