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Kuwait Commercial Bank profit sharply down in 2011

Kuwait Commercial Bank profit sharply down in 2011

Commercial Bank of Kuwait (CBK) posted a sharp drop in full-year net profit on Sunday, according to a company statement.

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February 6, 2012 2:32 by



The bank made a net profit of 810,000 dinars ($2.92 million)in 2011, down from 40.5 million dirhams in the prior year period, said the statement posted on the bourse website.

The board recommended that no dividend be paid out for 2011, the statement said.

The lender reported a nine-month profit of 8.3 million dinars in October.

CBK shares ended 1.4 percent higher on Sunday, outperforming the broader index which ended almost flat. Earnings were reported after the bourse closed. ($1 = 0.2775 Kuwaiti dinars) (Reporting by Rachna Uppal; Editing by Firouz Sedarat) *image from faiq360.com



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