|24 July, 2019

Commercial Bank of Kuwait posts Q2 net profit

The bank's shares edged 0.19% higher to 522 fils by 13:32 GST and have added 14.84% so far since the start of the year 2019

Traders monitor stock information at the Borsa Kuwait Stock Exchange, in Kuwait City, Kuwait November 9, 2016. Image used for illustrative purpose.

Traders monitor stock information at the Borsa Kuwait Stock Exchange, in Kuwait City, Kuwait November 9, 2016. Image used for illustrative purpose.

REUTERS/Stephanie McGehee

Commercial Bank of Kuwait (CBK) has reported a net profit of 8.9 million Kuwaiti dinars ($29.23 million) for Q2 2019, compared to a loss of 4 million dinars in the same period last year.

Its Q2 2019 total operating revenue rose 17 percent to 47 million dinars, from 40.2 million dinars in Q2 2018.

The bank’s shares edged 0.19 percent higher to 522 fils by 13:32 GST and have added 14.84 percent so far since the start of the year 2019.

In its latest note on the bank, Arqaam Capital said it maintains a “Sell” rating on CBK.

“Meaningful earnings and growth recovery have not come through yet as CBK continues to focus on cleaning up its book, stifling growth,” Arqaam said.

(Reporting by Gerard Aoun; Editing by Seban Scaria)

(gerard.aoun@refinitiv.com)

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© ZAWYA 2019

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