Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait - CBK Posts KD 101.7m Operating Profit In 2013  Join our daily free Newsletter

MENAFN - Arab Times - 06/02/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times) Commercial Bank of Kuwait announced operating profit of KD 101.7 million, up by 8.5% compared with KD 93.8 million for 2012. The net profit after provisions amounted to KD 23.5 million for the financial year ended Dec 31, 2013, an increase of KD 22.4 million compared to the net profit of KD 1.1 million during 2012. In view of these encouraging financial indicators and profitability of the Bank during 2013, the Board of Directors decided to recommend to the General Assembly a cash dividend distribution of 7 fils per share (7% of par value) and bonus shares of 11%. This recommendation is subject to the approval of the competent regulatory authorities



In continuation of its prudent policy, the bank used part of its operating profit to enhance its provisioning base. The total provisions held with the bank against its credit portfolio as at the end of the Dec 31, 2013 amounted to KD 128.2 million and the provision coverage ratio for NPLs improved significantly to 367% at the end of 2013 compared to 169% to 2012. Commenting on the bank's financial results, Yacoub Al Ebrahim, official spokesman said Commercial Bank's total assets at the end of December 2013 reached KD 3.9 billion (December 2012: KD 3.7 billion) with shareholders equity of KD 561.8 million (December 2012: KD 552.1 million). The capital adequacy ratio at the end of December 2013 is 18.38% which exceeds the minimum 12% required by the Central Bank of Kuwait, and is more than twice the minimum ratio mandated by Basel Committee. The loans and advances grew by 8.9% and customer deposits increased by 16.5% during the year



Qualit

The official spokesman drew the attention of the bank's shareholders and customers and financial analysts to the internationally recognized credit quality indicator, namely non-performing loans to total credit ratio emphasizing that it showed improvement with non-performing loans ratio falling from 2.76% of total loans in 2012 to 1.35% in 2013 which reflects the Bank's improving the quality of its credit portfolio by 50% during one year. The bank continues to demonstrate its cost leadership with operational efficiency, a competitive advantage for the bank, which continues to maintain one of the lowest cost/income ratios among Kuwait banks at 24.1 % during the year ended on Dec 31, 2013. Yacoub Al Ebrahim further commented that within the bank's efforts to diversify its income sources and mitigation of risks, particularly those related to geographical and sector concentration, Commercial Bank has recently extended its lending activities in international financing, indicating the upgrade by the Capital Intelligence of the Long Term Foreign Currency Rating from BBB to A- and Financial Strength Rating from BBB to BBB which reflects International Financial Community's confidence on the improving financial indicators trend of the bank this year





He pointed that the significant improvement in the bank's financial indicators is attributed to its prudent policy adopted over the few past years by using the operating profits to enhance provisions and taking initiatives to reduce the NPLs ratio as well as reassessment of some collaterals held with the bank to be in line with the current market conditions.

He mentioned that the bank will continue to pursue a balanced strategy that will focus on analysing available growth opportunities according to the current economic situation, with a particular emphasis on core business activities with better management of risks and risk adjusted returns.

Al Ebrahim took the opportunity to thank the bank's shareholders, valued customers and staff and regulatory authorities emphasizing that the Bank's Management continues to take all required procedures for safeguarding stakeholders' interests

 


Arab Times




  MENA News Headlines
 Dec 21 2014 - Saudi- Muhammad Ali hospitalized with mild pneumoniaArab News
(MENAFN - Arab News) LOUISVILLE: Boxing legend Muhammad Ali was in stable condition after being hospitalized with a "mild" case of pneumonia his spokesman Bob Gunnell said.The 72-year-old Ali was ...

 Dec 21 2014 - Al-Naimi is 'confident' oil prices will improveArab News
(MENAFN - Arab News) ABU DHABI: Petroleum and Mineral Resources Minister Ali Al-Naimi said he was confident world prices would improve after a slide he blamed partly on 'lack of cooperation' by ...

 Dec 21 2014 - Irresponsible non-OPEC output behind oil price plunge: UAEArab News
(MENAFN - Arab News) ABU DHABI: "Irresponsible" levels of output by producers from outside the OPEC oil cartel is among the main causes of the slump in prices the UAE energy minister charged ...

 Dec 21 2014 - Saudi produces 74 percent of GCC polymer capacityMENAFN
(MENAFN) The National Petrochemical Industrial Co. (NATPET), a Saudi joint stock company, has revealed that 74 percent of the GCC's polymer capacity, totaling 17.6 million tons, was produced in the ...

 Dec 21 2014 - Algeria worried on falling oil pricesMENAFN
(MENAFN) Algeria, which oil revenues make up 97 percent of its hard currency earnings and 60 percent of the government's budget, is beginning to feel the impact of the fall in oil prices that led it ...

 Dec 21 2014 - UAE's non-oil trade hits USD142b in H1MENAFN
(MENAFN) The UAE's Federal Customs Authority (FCA) said that the value of direct total foreign non-oil trade has reached USD142.8 billion during the January-June period of 2014, Arabian Business ...

 Dec 21 2014 - UAE slams non-OPEC members on rising oil productionMENAFN
(MENAFN) The UAE's Ministry of Energy said that the decision made by the Organization of the Petroleum Countries (OPEC) not to cut production was correct despite the prices continuing with their drop ...

 Dec 21 2014 - Oman's OLC, Spanish CLH sign USD320m contractMENAFN
(MENAFN) Orpic Logistics Company (OLC), a joint venture between Oman Oil Refineries and Petroleum Industries (Orpic), announced it has signed an engineering, procurement and construction (EPC) ...

 Dec 21 2014 - UAE's Hakkasan acquires USD36m The Light GroupMENAFN
(MENAFN) Hakkasan Group, the hospitality and entertainment company owned by Abu Dhabi-based Tasameem Real Estate, announced it has acquired The Light Group from Morgans Hotel Group (MHG), Arabian ...

 Dec 21 2014 - Omani OPWP awards Singaporean firm USD250m water projectMENAFN
(MENAFN) Oman's state-owned Oman Power and Water Procurement Company (OPWP) announced it has awarded a consortium led by the Singaporean Hyflux Ltd and National Power and Water Co a USD250 million ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help