Mubasher: Gulf Bank of Kuwait (GBK) on Wednesday posted it has generated a net profit of KWD 12.2 million ($40.2 million) during the second quarter of 2019, down 23.8% year-on-year from KWD 16 million ($52.7 million).

In the first half of 2019, the bank logged KWD 23.98 million in profits, down 10.6% from KWD 26.81 million in H1-18, according to a filing to Boursa Kuwait.

The decline in H1-19 profits was mainly driven by a decrease in operating revenue and higher operating costs.

GBK previously reported a 9% year-on-year increase in profits in Q1-19, recording KWD 11.78 million.