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.
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