Commercial Bank of Kuwait (CBK) reported KD130.9 million (Dh1.6 billion) in profits before provisions in 2009, but said it had taken hefty provisions to cover loans and investments.
"As at 31st December 2009, the bank has a total of $648.1m of post liberation provisions...," the bank, one of Kuwait's largest lenders, said in a statement.
"In addition to the loan and investment provisions, the bank has KD91.9m of retained earnings available as an additional cushion," the statement said.
The statement did not give detailed figures for annual results and company officials were not available to comment.
Ratings agencies said in February that banks in Kuwait would face a tougher 2010.