Kuwait lender’s profits hit by high provisions for bad loans
Commercial Bank of Kuwait (CBK) saw its net profit fall almost 100 per cent in 2009 on the back of provisions made for bad loans.
CBK posted a net profit of KD0.14m ($0.5m) in 2009 compared to KD100.9m in 2008, a drop of 99.9 per cent. It allocated KD131.2m in provisions for loans and investment portfolios during 2009.
Bank assets fell to KD3.61bn at the end of 2009 compared to KD4.27bn at the end of the previous year. Bank shareholders’ equity was reduced from KD0.49bn to KD0.44bn over the same period.
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