Mubasher: The Commercial Bank of Kuwait (CBK) on Sunday posted a 22% year-on-year decline in net profits for the third quarter of 2017, while profits for the first nine months of the year nearly halved.
The CBK achieved KWD 12.45 million ($41.21 million) in profits in Q3-17 down from KWD 15.98 million ($52.89 million) in the year-ago period, according to a bourse filing.
At the level of the first three quarters, the CBK’s profits nearly halved, falling 47.5% to KWD 14.440 million from KWD 27.490 million in the period between January and September of 2016.
The Kuwait bank attributed the sharp decline in profits to “increase in impairment and other provisions, staff and general and administrative expenses” in the first nine months of the year.
This was “partially offset” by higher net interest income and fees and commissions, the CBK added.
Diluted earnings per share (EPS) amounted to 8.8 fils in the first nine months of 2017 versus 16.8 fils in the year-ago period, the statement showed.
Net operating profit amounted to KWD 74.95 million between January and September, registering a marginal increase of 0.6% from KWD 74.49 million the year before.
The CBK’s current assets amounted to KWD 3.276 billion in the nine months ended 30 September 2017, up 14.5% from KWD 2.860 billion a year ago, whereas total assets grew 8.0% year-on-year to KWD 4.70 billion from KWD 4.047 billion in the first nine months of 2016.
