Ti­jari re­ports net profit of KD 27.5 mil­lion

Kuwait Times - - FRONT PAGE -

KUWAIT: Com­mer­cial Bank of Kuwait an­nounced a net profit of KD 27.5 mil­lion for the nine-month pe­riod of 2016 com­pared with KD 25.4 mil­lion in same pe­riod last year, a growth of 8.2 per­cent. Fee in­come wit­nessed year on year growth of 8.8 per­cent, for­eign ex­change in­come 61 per­cent and in­vest­ment port­fo­lio in­come 31.3 per­cent. The bank con­tin­ues to main­tain a solid level of op­er­at­ing profit be­fore pro­vi­sion, amount­ing to KD 74.5 mil­lion com­pared to KD 74.0 mil­lion for the same pe­riod last year.

Com­ment­ing on the bank’s fi­nan­cial re­sults, the bank’s spokesman Ya­coub Al-Ebrahim said Com­mer­cial Bank’s to­tal as­sets at the end of Sept 2016 reached KD 4,047 mil­lion (Sept 2015 - KD 4,035 mil­lion). The bank’s cap­i­tal ad­e­quacy ra­tio at the end of Sept 2016 at 16.86 per­cent is higher than the min­i­mum 13.5 per­cent re­quired by the Cen­tral Bank of Kuwait, while the lever­age ra­tio at 10.6 per­cent is more than three times higher than the min­i­mum re­quire­ment of three per­cent.

Ya­coub Al-Ebrahim

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