National Bank of #Kuwait's third-quarter net profit drops 38% on bad debt provisioning | Reuters

National Bank of Kuwait's third-quarter net profit drops 38% on bad debt provisioning | Reuters: 

National Bank of Kuwait NBKK.KW, the country's biggest lender, on Monday reported a 38% drop in third-quarter net profit, hit by higher provisioning for bad debt and the slowdown caused by the coronavirus pandemic.

NBK’s posted a net profit of 57.6 million dinar ($188.54 million) for the period ended September 30, down from 93.1 million dinars in the same period a year earlier.

The International Monetary Fund expects Kuwait’s economy to contract by 8.1% this year, as it warned the economic outlook was worsening for many emerging markets amid the coronavirus crisis.