Wednesday 8 August 2012

UPDATE 1-Kuwait's CBK Q2 profit drops as provisions bite again | Reuters

Commercial Bank of Kuwait (CBK), the country's seventh biggest bank by market value, posted a 5.4-percent drop in quarterly profits on Wednesday as heavy provisioning once again wiped out earnings growth.

The lender had net profit of 122,000 dinars ($433,000) in the three months to June 30, compared with 129,000 dinars in the prior-year period, it said in a bourse filing.

An EFG Hermes analyst polled by Reuters had forecast net profit of 4.4 million dinars.

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