Mubasher: The Commercial Bank of Kuwait (CBK) registered a decline of 26.2% in profits during the third quarter of 2018 compared to the same period in the prior year.

Earnings shrank to KWD 9.19 million ($30.37 million) in Q3-18 from KWD 12.45 million ($41.14 million) in Q3-17, according to a recent statement.

During the nine-month period that ended on 30 September 2018, CBK achieved an increase of 5.5% in profits to KWD 15.23 million from KWD 14.44 million in the same period last year.

CBK clarified that the increase in 9M profits is attributed to higher interest income and dividends, in addition to net revenue from transactions in foreign exchange and a growth in operating income.

At the stock level, CBK closed Monday’s session 0.98% lower at 505 fils.