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Kuwait’s CBK Posts Q4 Net Loss of $14.3 Million
KUWAIT CITY - Commercial Bank of Kuwait posted a net loss of about 4.17 million dinars ($14.31 million) in the fourth-quarter, the latest bank in the Gulf region to come under pressure amid a global financial crisis.
Banks across the oil-exporting Gulf, including Kuwait, have seen sharp declines in quarterly profits and some have made losses as a credit crisis hits their lending businesses, they book provisions for bad loans and write down investment losses.
Commercial Bank’s full-year profit fell 16.3 percent to 100.73 million dinars, or 80.6 fils per share, from 120.36 million dinars, or 95.1 fils per share, in 2007, it said in a statement on the bourse website on Monday.
Commercial Bank did not give a reason for the decline in full-year profit.
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