Commercial Bank of Kuwait 2011 Net Drops 98% on Weak Economy - Bloomberg

Commercial Bank of Kuwait SAK said full-year profit plunged 98 percent on “weak” government spending.
Net income fell to 810,000 dinars ($2.9 million), or 0.6 fils a share, from 40.45 million dinars, or 31.8 fils, a year ago, the bank said in a statement to the Kuwait bourse today.
“Weak government spending and the retreating performance of the Kuwait Stock Exchange” impacted “the pace of the country’s economy and finance,” Chairman Ali al-Awadhi said in an e-mailed statement today. “A general improvement in the economic environment and working atmosphere would positively influence” the lender.

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