Comml Bank Of Kuwait Gets OK To Extend Share Buyback Period

Thursday, May 24, 2012

BEIRUT (Zawya Dow Jones)--Commercial Bank of Kuwait (CBK.KW) Thursday said the country's central bank has approved its request to extend the period for buying back and reselling up to 10% of its issued shares for an additional six months.

The previous period ended Monday, the lender said in a statement posted on the Kuwait bourse website.

CBK, which has witnessed a sharp year-on-year drop in its net profit in 2011 and in the first quarter of 2012, said earlier this month that its total assets grew slightly to about 3.8 billion Kuwaiti dinars ($13.57 billion) at the end of March compared with a year earlier.

The bank's shares slipped 3.7% closing at KWD0.780 in a lower market Thursday.

By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com

(END) Dow Jones Newswires

24-05-12 1126GMT