Mubasher: The Commercial Bank of Kuwait (CBK) registered a decline of 67.9% in profits during the second quarter of 2017 compared to the same period of 2016.
The earnings plunged to KWD 1.2 million ($3.95 million) in Q2-17 from KWD 3.74 million ($12.32 million) in Q2-16, according to a bourse filing issued on Monday.
During the first six-month period of 2017, CBK posted a drop of 82.7% in profits to KWD 1.99 million from KWD 11.51 million in the corresponding period a year ago.
The negative performance of CBK’s financial results is attributed to a growth in impairment and other provisions as well as a decline in a gain from foreign currencies and dividend income.
At the stock level, CBK closed Monday’s session 0.31% higher at 325 fils.
