Global Investment House stated that Commercial Bank of Kuwait’s (CBK) net profit in Q1-15 was below the estimate due to higher than expected provision expenses, according to a statement issued by the bank.

CBK’s earnings totaled KWD 6.32 million ($20.92 million) in Q1-15, compared to KWD 5.41 million ($17.91 million) Q1-14.

“Net interest income was lower than our estimate, while non-interest income came higher than our expectation. Provisions remained much higher than our expectations,” said Global in its statement.

It added “The bank’s balance sheet remained unimpressive during the quarter.”