Tawasul
Mubasher TV
Contact Us Advertising   العربية

CBK’s profits shrink 88% in H1-20

CBK’s profits shrink 88% in H1-20
The profits plunged by 96.1% annually in Q2
CBK
CBK
0.00% 500.00 0.00

Mubasher: The Commercial Bank of Kuwait (CBK) generated KWD 1.196 million ($3.92 million) worth of net profits in the first half (H1) of 2020, down by 87.8% when compared to KWD 9.809 million ($32.17 million) in the corresponding period in the previous year.

The plunge in H1-20 profits is largely driven by lower net interest income, fees, and commissions, combined with a decrease in other operating income and net gains realised from dealing in foreign currencies, according to a bourse statement on Monday.

These drops were partially offset by a slump in operating expenses, impairment, and other provisions.

In the second quarter (Q2) of the year, the profits plunged by 96.1% to stand at KWD 343,000, compared with KWD 8.86 million in Q2 of last year.