(MENAFN- Arab Times) Commercial Bank of Kuwait announced an operating profit before provisions for the period of KD 69.42 million (3Q2011: KD 78.866 million).
This was allocated as specific and judgemental provisions against the loan and investment portfolios resulting in a net loss attributable to shareholders of the parent bank for the nine months to 30th September 2012 of KD (12.176) million (3Q2011: KD 8.289 million).
As at the end of the third quarter, total provisions held with the bank amounted to KD 187.382 million. This comes within the bank's prudent policy of building a strong provision base and proactive recognition of problems.
Commenting on the bank's financial results, Fowzi Al Ateeqi, Secretary to the Board, GM - Investment and the bank's official spokesman said "With these measures, the bank would be well positioned to implement its strategy that aims at enhancing its profitability levels and supporting the same through sound loan and investment portfolios.
Further progress is noted on the bank's review of processes for efficiencies and preparation to benefit from any growth opportunities in the future and to ensure superior customer services." Al Ateeqi went on to explain that the bank has set a balanced strategy aiming to add further improvements to its operating activities along with reducing non-performing loans within the bank's short and long term business plans that will focus on studying available growth opportunities according to the current economic situation with a particular emphasis on core business activities that help the bank return back to high profitability levels.
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 with 23.92 % for 3Q2012.
Commercial Bank's total assets at the end of September 2012 reached KD 3.6 billion (12/2011: KD 3.7 billion) with shareholders equity of KD 530.8 million (12/2011: KD 530.5 million). The capital adequacy ratio at September 2012 is 18.79% (12/2011: 18.58%) which exceeds the minimum 12% required by the Central Bank of Kuwait.
The bank continues to have a strong capital base with more than twice the international ratio required by Basel II.
Commercial Bank of Kuwait took the opportunity to thank the bank's valued customers for their trust and confidence, the Executive Management team and staff for their hard work and loyalty and shareholders for their continued support and faith.
Commercial Bank of Kuwait provides its corporate and retail customers with wide spectrum of banking products and services through one of the largest full service branch networks in Kuwait. For information on Commercial Bank of Kuwait products or services please contact 1-888-CBK or visit www.cbk.com.
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