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.

By (Reuters)

Published: Wed 18 Feb 2009, 12:28 AM

Last updated: Sun 5 Apr 2015, 10:23 PM

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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