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CBK records KWD 64m profits in FY18; dividends proposed

CBK records KWD 64m profits in FY18; dividends proposed
CBK achieved a growth of 18.4% in profits in Q4-18
CBK
CBK
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Mubasher: The Commercial Bank of Kuwait (CBK) has achieved an increase of 15% in profits during fiscal year 2018 compared to the prior year.

Earnings grew to KWD 63.75 million ($210.26 million) in FY18 from KWD 55.43 million ($182.82 million) in FY17, according to a bourse statement on Tuesday.

The rise in CBK’s annual profits is attributed to higher fees, commissions, and net revenue from transactions in foreign currencies.

During the fourth quarter of 2018, the bank achieved a growth of 18.4% in profits to KWD 48.52 million from KWD 40.99 million in Q4-17.

CBK’s board members have recommended 20% of capital as cash dividends for FY18 or 20 fils per share at a total value of KWD 35.98 million, in addition to distributing 10% of capital as bonus shares at a total value of KWD 18.11 million.