Mubasher: The Commercial Bank of Kuwait (CBK) achieved an increase of 78.9% in profits during the fourth quarter of 2017 compared to the same period in the prior year.

Earnings grew to KWD 40.99 million ($136.9 million) in Q4-17 from KWD 22.91 million ($76.5 million) in Q4-16, according to a bourse statement on Monday.

During the 2017 fiscal year, profits enlarged by 10% to KWD 55.43 million compared to KWD 50.4 million in the previous fiscal year.

The rise in profits is attributed to a higher net interest income as well as lower value provisions and other provisions, the statement added.

The CBK’s board members recommended a cash dividend of 18% of par value or 18 fils per share, in addition to 10% bonus shares of the issued and paid-up capital or 10-for-100 shares.