Wednesday 3 August 2011

Kuwait's CBK Q2 earnings drop 91 pct on provisions | Reuters

Commercial Bank of Kuwait (CBK) reported a 91 percent drop in its second-quarter net profit, missing forecasts after booking provisions against its investment and loan portfolio.

Net profit in the three months to June 30 was 198,000 dinars ($724,478), compared to 2.3 million dinars a year earlier, the lender said in a statement on the bourse website.

'The bank has continued its prudent policy towards building up a strong provision base, the bank has total provisions for credit facilities of 180.3 million dinars,' CBK's Chairman Ali al-Awadhi said in another statement.

No comments:

Post a Comment