Quotes: US 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

 






  MENA News Headlines
 Jul 30 2014 - Safe haven status boosts investment scope in UAEspanKhaleej Times
(MENAFN - Khaleej Times) E political situation in the region has made Dubai into a magnet for families from across the region to set up home and establish regional or global offices for their ...

 Jul 30 2014 - Tech Mahindra eyes expansion in Saudi ArabiaspanKhaleej Times
(MENAFN - Khaleej Times) Ch Mahindra a specialist provider of connected solutions has announced that it has signed a joint venture agreement with Midad Holding which is a subsidiary of Al Fozan a ...

 Jul 30 2014 - Middle East earns 1 of global market research revenuesspanKhaleej Times
(MENAFN - Khaleej Times) E entire Middle East region earned only a meager one per cent of the global market research revenues which indicates the potential for market research that is prevalent in ...

 Jul 30 2014 - Dewa to show smart initiatives at Gitex 2014spanKhaleej Times
(MENAFN - Khaleej Times) Bai Electricity and Water Authority or Dewa has announced its participation in Gitex 2014 to be held from October 12-16 at the Dubai World Trade Centre.Dewa will showcase its ...

 Jul 30 2014 - Sico first-half net profit jumps 166spanKhaleej Times
(MENAFN - Khaleej Times) Curities & Investment Company or SICO licensed by the Central Bank of Bahrain as a conventional wholesale bank announced its financial results for the second quarter of 2014 ...

 Jul 30 2014 - Taqa Arabia eyes Egypt expansionspanKhaleej Times
(MENAFN - Khaleej Times) Laa Holdings announced that its energy sector subsidiary Taqa Arabia aims to expand its network of fuel stations in Egypt through Taqa oil marketing company.The company ...

 Jul 30 2014 - Real estate to pick up from next week: Industry expertspanKhaleej Times
(MENAFN - Khaleej Times) Bai Land Department transactions exceeded Dh113b for H1 The real estate market in Dubai is expected to pick-up again from next week after a slowdown during the last couple of ...

 Jul 30 2014 - Memon to hand over five projects in 2014spanKhaleej Times
(MENAFN - Khaleej Times) Mpany working on Dh1.Memon Investments has planned to hand over five projects worth more than Dh600 million in the next five months and is also planning to launch five new ...

 Jul 30 2014 - ADFD funding in underdeveloped countries hit Dh61bspanKhaleej Times
(MENAFN - Khaleej Times) E development finance institution articulates the UAEs continued commitment to support the development process of emerging countries.An exterior view of power plant in ...

 Jul 30 2014 - UK and US preferred by Arab travellers: MarriottspanKhaleej Times
(MENAFN - Khaleej Times) E US takes the lead when it comes to bookings with 20 per cent of all reservations closely followed by the UK which accounts for 16 per cent.Marriott International has ...

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help