Mubasher: Commercial Bank of Kuwait (CBK) announced a 90.5% year-on-year decrease in profits during the first quarter of 2019.
CBK’s profits amounted to KWD 952,000 ($3.14 million) in Q1-19, compared to KWD 10.07 million ($33.19 million) during Q1-18, according to a statement to Boursa Kuwait on Wednesday.
The Kuwaiti lender ascribed the big decline in Q1-19 profits to a drop in other operating revenues, combined with higher impairment provisions, other provisions, and operating expenses.
Operating revenues slid 1.5% to KWD 36.93 million in Q1-19, compared to KWD 37.50 million during Q1-18.
In 2018, CBK’s profits rose 15% to KWD 63.75 million, compared to KWD 55.43 million in 2017.
