Kuwait’s CBK profit up 22%


Commercial Bank of Kuwait (CBK), the country's third-largest lender by market value, said first-quarter profit rose 22 per cent to KWD34.1 million ($128.4 million; Dh472.5 million).


Net income in the three months to March 31 last year was KWD28 million, the bank said in a statement on the bourse website.


In a Reuters survey last month, Kuwait-based Global Investment House had expected CBK first-quarter profit at KWD35 million.


CBK sold its 19.1 per cent stake in the Bank of Bahrain Kuwait (BBK) in February for BHD122.83 million ($326 million; Dh1.2 billion).


Earnings per share rose to 27 fils in the quarter versus 22.1 fils in the same period a year ago, it added.


First quarter earnings include unrealised profit of BHD285,000, reflecting the value of investments.


The bank said last month it applied to the central bank to become compliant with Islamic principles to tap booming demand for Shariah-compliant financial services in the Gulf Arab state.


Shares of CBK were up 12.50 per cent this year to Monday's close, compared with 17 per cent for the main stock index. Shares of rival National Bank of Kuwait were up almost 8 per cent. (Reuters)